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DECISION LAG: In the context of economic policies, a part of the implementation lag involving the time it takes for policy makers to determine the appropriate policy to undertake. Another part of the implementation lag is the action lag. For fiscal policy, this involves Congress and the President debating, passing, and signing legislation that changes government spending or taxes. For monetary policy, this involves a meeting among the members of the Federal Reserve Open Market Committee. The decision lag is usually shorter for monetary policy than fiscal policy.
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LAND The naturally occurring resources used in the production of goods and services, including the land itself; the minerals and nutrients in the ground; the water, wildlife, and vegetation on the surface; and the air above. Land also includes the productive dimensions of space and accessibility. This is one of four basic categories of resources, or factors of production. The other three are labor, capital, and entrepreneurship.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"The ideals that have lighted my way, and time after time have given me new courage to face life cheerfully, have been kindness, beauty and truth. " -- Albert Einstein, physicist
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WE
Walrasian Equilibrium
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