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LABOR MARKET: A market that exchanges the services of labor resources. For the macroeconomy, this is a critical aspect of the aggregate resource markets, especially the short-run condition of rigid prices. Labor market wages tend to be rigid in short run. Such wage rigidity, was well as other short run problems, prevent labor markets from achieve equilibrium. The result is either unemployment or overemployment, both of which prevent long-run equilibrium in the aggregate market.
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DECISION LAG The time lag that it takes government leaders and policy makers to determine the appropriate government action needed to address an economic problem. The decision lag arises because it takes time for policy makers to chose among the array of possible policy actions, each with assorted consequences that appeal differently to different political constituencies. This "inside lag" is one of four policy lags associated with monetary and fiscal policy. The other two "inside lags" are recognition lag and implementation lag, and one "outside lag" is implementation lag. All four policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for slightly overweight pizza delivery guys.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"A leader, once convinced that a particular course of action is the right one, must . . . be undaunted when the going gets tough." -- President Ronald Reagan
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CIF
Cost, Insurance, Freight
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