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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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FACTOR DEMAND The willingness and ability of productive activities (usually, business firms) to hire or employ factors of production. Factor demand relates factor price and factor quantity, specifically, it is the range of factor quantities that are demanded at a range of factor prices. This is one half of the factor market. The other half is factor supply. The factors of production subject to factor demand include any and all of the four scarce resources--labor, capital, land, and entrepreneurship. However, because labor involves human beings directly, it is the factor that tends to receive the most scrutiny and analysis.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a how-to book on wine tasting or a bookshelf that will fit in your closet. Be on the lookout for malfunctioning pocket calculators.
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Al Capone's business card said he was a used furniture dealer.
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"Few things can help an individual more than to place responsibility on him, and to let him know that you trust him. " -- Booker T. Washington, educator
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