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HISTORICAL COST: An accounting principle stating that expenses are recorded in terms of original or acquisition cost. Such a practice does not necessarily indicate the opportunity cost or current market value.

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AGGREGATE SUPPLY DETERMINANTS

An assortment of ceteris paribus factors that affect short-run and long-run aggregate supply, but which are assumed constant when the short-run and long-run aggregate supply curves are constructed. Changes in any of the aggregate supply determinants cause the short-run and/or long-run aggregate supply curves to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate supply curves to shift, they are commonly grouped into three broad categories--resource quantity, resource quality, and resource price.

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Three-forths of the gold mined each year is used to manufacture jewelry.
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