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RECOGNITION LAG: In the context of economic policies, the time between a shock to the economy and realization that the shock has occurred. This is one of several policy lags that limit the effectiveness of stabilization policies designed to correct business-cycle fluctuations. This is also one of two inside lags. The other is an implementation lag. Also termed identification lag, the recognition lag emerges due to the time needed to measure economic activity. While the lag is generally positive, it actually can be negative through accurate forecasting techniques. When negative policies can be undertaken to correct a problem before it occurs.
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Lesson 12: Elasticity and Demand | Unit 2: The Continuum
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Page: 7 of 25
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- A graphical look at three alternatives:
- Perfectly Elastic: Perfectly elastic demand results when infinitesimally small changes in price lead to infinitely large changes in quantity.
- Perfectly Inelastic: Perfectly inelastic demand results the quantity demanded does not change regardless of any change in price.
- Unit Elastic: Unit elastic demand results when the perfect change in quantity is EXACTLY the same as the percentage change in price.
- The most noted feature of this demand curve is that it is a curve and not a straight line -- the slope changes along the curve.
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INVESTMENT The sacrifice of current benefits or rewards to pursue an activity with expectations of greater future benefits or rewards. Investment is the mechanism used to increase the economy's production capabilities and generate economic growth. Investment is typically used to mean the purchase of capital by business in anticipation of profit, which is termed investment expenditures.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"Far and away the best prize that life has to offer is the chance to work hard at work worth doing." -- Theodore Roosevelt, 26th US president
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NIFO
Next In First Out
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