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ACTIVIST POLICY: Government policies that involve explicit actions designed to achieve specific goals. A common type of activist policy is that designed to stabilize business cycles, reduce unemployment, and lower inflation, through government spending and taxes (fiscal policy) or the money supply (monetary policy). Activist policies are also term discretionary policies because they involve discretionary decisions by government. A contrast to activist policy is automatic stabilizers that help stabilize business cycles without explicit government actions.

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Lesson 6: Supply | Unit 3: Supply Curve Page: 8 of 19

Topic: Schedule <=PAGE BACK | PAGE NEXT=>

This table is a supply schedule presenting the relationship between supply price and quantity supplied.

Our relationship is between the supply price in the middle column and the quantity of stuffed animals supplied in the right-hand column.

Assumptions:

  • Ceteris paribus factors do not change.
  • Quantities are supplied for a specific time period, such as one year.
Some observations about the supply schedule:
  • First, higher prices go with larger quantities supplied-the law of supply.
  • Second, the prices are minimum values for the given quantities.
  • Third, supply is the whole set of price/quantity pair numbers. Quantity supplied is any single number at the specified price.
  • Fourth, these numbers are hypothetical, presenting a 'what if' relationship.

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IMPLEMENTATION LAG

The time lag that occurs after a government policy designed to correct an economic problem has been selected and the actual execution of the policy. The implementation lag is based the time it takes for government agencies, which can be slow and methodical, to carry out the designated policy. This "inside lag" is one of four policy lags associated with monetary and fiscal policy. The other two "inside lags" are recognition lag and decision lag, and one "outside lag" is implementation lag. All four policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for defective microphones.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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