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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 4: Production Possibilities | Unit 2: The Schedule Page: 5 of 24

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This is a simple, hypothetical production possibilities schedule for the economy.
  • The economy is using all resources with given technology to efficiently produce two goods, jogging shoes and quartz clock calibrators.
  • Bundles A through K represent production alternatives for the economy, such as bundle D with 3 calibrators and 425 pairs of shoes. We have unlimited possibilities using available resources and technology to the fullest extent.
  • All shoes, no calibrators, bundle A.
  • All calibrators, no shoes, bundle K.
  • Some of each good, bundles E or J.
  • How about 9 calibrators and 410 pairs of shoes? No! Each bundle is the maximum we can produce.

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RECESSION

A phase of the business cycle characterized by a general period of declining economic activity. A recession is one of two basic business cycle phases. The other is expansion. The transition from recession to expansion is termed a trough and the transition from expansion to recession is termed a peak. The technical term for recession, which is generally used by economists and policy makers, is contraction.

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Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for a thesaurus filled with typos.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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