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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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RETURNS TO SCALE Changes in production the occur when all resources are proportionately changed in the long run. Returns to scale come in three forms--increasing, decreasing, or constant based on whether the changes in production are proportionally more than, less than, or equal to the proportional changes in inputs. Returns to scale are the guiding principle for long-run production, playing a similar role that the law of diminishing marginal returns plays for short-run production.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either rechargeable batteries or a rechargeable battery for your computer. Be on the lookout for door-to-door salesmen.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"The only thing that will stop you from fulfilling your dreams is you. " -- Tom Bradley, former Los Angeles mayor
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