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IMPACT LAG: In the context of economic policies, the time between corrective government action responding to a shock to the economy and the resulting affect on the economy. This is one of four lags in the use of economic policies. The others are recognition lag, decision lag, and action lag. The length of the impact lag, also termed outside lag, is primarily based on the speed of the multiplier process and is essentially the same for both fiscal and monetary policy. The length of the policy lags is one argument against the use of discretionary policies to stability business cycles.
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Lesson 22: Factor Supply | Unit 1: Background
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Page: 3 of 25
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Topic:
Factors of Production
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- The four basic resources supplied through factor markets are:
- Labor: This is the human effort, both physical and mental, used in production.
- Capital: This is the machines, equipment, tools, and buildings used in production.
- Land: This is the raw materials or natural resources that make up the good produced.
- Entrepreneurship: This is the risk-taking organizers of production.
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IMPORTS LINE A graphical depiction of the relation between imports bought from the foreign sector and the domestic economy's aggregate level of income or production. This relation is most important for deriving the net exports line, which plays a minor, but growing role in the study of Keynesian economics. An imports line is characterized by vertical intercept, which indicates autonomous imports, and slope, which is the marginal propensity to import and indicates induced imports. The aggregate expenditures line used in Keynesian economics is derived by adding or stacking the net exports line, derived as the difference between the exports line and imports line, onto the consumption line, after adding investment expenditures and government purchases.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for the happiest person in the room.
Your Complete Scope
This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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MSE
Mean Squared Error
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