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DISCRETIONARY POLICY: Government policies that involve explicit actions designed to achieve specific goals. A common type of discretionary 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). Discretionary policies are also termed activist policies because they involve active decisions by government. A contrast to discretionary policy is automatic stabilizers that help stabilize business cycles without explicit government actions.
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Lesson 22: Factor Supply | Unit 1: Background
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Page: 6 of 25
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In this unit, you should have learned about:- The notion of factor supply, which involves the quantity of productive resources that are offered for sale at different factor prices.
- The four basic factor payments -- wage, interest, rent, and profit -- used to compensate factors of production for their productive services.
- The four basic factors of production that are supplied by their owners -- labor, capital, land, and entrepreneurship.
- Factor markets, which combine factor supply and factor demand.
- That factor markets are used to exchange the services of the four resources.
- The role factor markets play in the overall economy as seen through the circular flow.
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ALTERNATIVE UNEMPLOYMENT RATES The official unemployment rate estimated and reported monthly by the Bureau of Labor Statistics (BLS) using data from Current Population Survey is one of six alternative measures of unemployment tracked and reported by the BLS, officially labeled sequentially U1 through U6. The "official" unemployment rate is U3. The other five measures seek to document different ways in which labor can be under utilized, including unemployment duration, job losers, discouraged workers, marginal workers, and part-time workers.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for telephone calls from long-lost relatives.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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RJE
RAND Journal of Economics
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