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INSIDE LAG: In the context of economic policies, the time between a shock to the economy and corrective government action responding to the shock. This is one of two primary lags in the use of economic policies. The other is outside lag, the time between the government action and the affect on the economy. The inside lag can be divided into the recognition lag and the implementation lag. The recognition lag is identifying the shock or need for action and the implementation is determining the appropriate policy response. Monetary policy tends to have a shorter outside lag than fiscal policy. The length of the inside and outside lags is one argument against the use of discretionary policies to stabilize business cycles.
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AVERAGE REVENUE, PERFECT COMPETITION The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a perfectly competitive firm average revenue is also equal to marginal revenue. Average revenue for a perfectly competitive firm is often depicted by a horizontal average revenue curve.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales seeking 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 door-to-door salesmen.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"I was always looking outside myself for strength and confidence, but it comes from within. It is there all the time. " -- Anna Freud, psychologist
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DCF
Discounted Cash Flow
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