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RESOURCE QUALITY, AGGREGATE SUPPLY DETERMINANT: One of three categories of aggregate supply determinants assumed constant when the short-run or long-run aggregate supply curves are constructed, and which shifts both aggregate supply curves when it changes. An increase in a resource quality causes an increase (rightward shift) of both aggregate supply curves. A decrease in a resource quality causes a decrease (leftward shift) of both aggregate supply curves. The other two categories of aggregate supply determinants are resource quantity and resource price. Specific determinants falling into this general category include education and technology. Anything affecting the quality of labor, capital, land, and entrepreneurship is also included.

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Lesson 10: Gross Domestic Product | Unit 5: Issues Page: 23 of 25

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The study of gross domestic product is important for at least for two reasons.
  • First, Scarcity. Real GDP indicates how well the economy is addressing the economic problem of scarcity.
  • Second, Stability. Real GDP is a key measurement for analyzing economic instability and business cycles.

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AMERICAN ECONOMIC ASSOCIATION

A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.

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APLS

BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for door-to-door salesmen.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. "

-- George Allen, U.S. senator

GATT
General Agreementon Tariffs and Trade
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