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 ACTION LAG: In the context of economic policies, a part of the implementation lag involving the time it takes for appropriate policies to be launched once they have been agreed to by policy makers. Another part of the implementation lag is the decision lag. For fiscal policy, this involves appropriating funds to government agencies (for government spending) or changing the tax code (for taxes) For monetary policy, this involves the buying and selling government securities in the open market. The action lag is usually shorter for monetary policy than fiscal policy.
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 Lesson 5: Market Demand | Unit 3: Demand Curve Page: 12 of 20

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• How a demand schedule, which is a table of price/quantity numbers, can be used to illustrate demand and the law of demand.
• How a demand curve can be derived from a demand schedule by plotting the price/quantity pairs, and how the negative slope of this demand curve also reflects the law of demand.
• Demand space as the area beneath a demand curve and that the demand price on the demand curve is the upper limit of buyers' demand space.

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PRICE LEVEL

The average of the prices of goods and services produced in the aggregate economy. In a theoretical sense, the price level is the price of aggregate production. In a practical sense, the price level is commonly measured by either of two price indexes, the Consumer Price Index (CPI) or the GDP price deflator. The CPI is the price index widely publicized in the media and used by the general public. The GDP price deflator, in contrast, is less well-known, but is usually the price index of choice among economists. The inflation rate is calculated as the percentage change in the price level.

 YELLOW CHIPPEROON[What's This?] Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a 50 foot extension cord or a combination CD player, clock radio, and telephone (with answering machine). Be on the lookout for pencil sharpeners with an attitude.Your Complete Scope
 The average bank teller loses about \$250 every year.
 "For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom."-- Cao Yu, Playwright
 JGBJapanese Government Bond
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