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NORMAL GOOD: A good for which an increase in income causes an increase in demand, or a rightward shift in the demand curve. If demand increases as income increases, it is a normal good or a good with a positive income elasticity of demand. A normal good is one of two alternatives falling within the income determinant of demand. The other is an inferior good.

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Lesson 9: Macro Basics | Unit 4: Policies Page: 11 of 16

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

Government tries to bring the economy closer to the macro goals of full employment, stability and growth, and to lessen the scarcity problem.
  • Economic policies are government actions designed to affect the economy to pursue the economic goals.
  • Stabilization policies (or counter-cyclical policies) are designed to limit economic instability and business cycles and avoid high rates of unemployment and inflation.
Key macroeconomic stabilization policies:
  • Fiscal policy is the use of government spending and taxes to stabilize the economy.
  • Monetary policy is the use of the amount of money in circulation to stabilize the economy.

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IMPLICIT COLLUSION

Seemingly independent, but parallel, actions among competing firms (mostly oligopolistic firms) in an industry designed to control the market, raise the price, and otherwise act like a monopoly. Also termed tacit collusion, the distinguishing feature of implicit collusion is the lack of any explicit agreement. This is one of two types of collusion. The other is explicit or overt collusion, which involves an explicit agreement.

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Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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