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INDUCED: The general notion that changes in one variable are related to, or caused by, changes in another variable. Induced relations, especially changes in consumption expenditures are induced by changes in disposable income, are a key aspect of Keynesian economics and the multiplier effect. The alternative to an induced relation between variables is an autonomous relation, in which one variable is not related to another.
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Lesson 14: Aggregate Supply | Unit 4: Determinants
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Page: 14 of 20
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Topic:
Quantity of Resources
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A change in the quantity of labor, capital, land, or entrepreneurship will alter full employment real production and shift the long-run aggregate supply curve.- Changes in resource quantities tend to be steady and predictable.
- Labor can change for three reasons:
- Natural growth of population.
- Migration.
- The labor force participation rate.
- Capital changes from depreciation of capital and investment in capital.
- Land changes from exploration and discovery of natural resources.
- Entrepreneurship, while difficult to measure, increases when more people assume the risk of production.
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DOUBLE COUNTING The act of including the value of intermediate goods more than once in the value of gross domestic product. Because the value, or price, of final goods includes the cost, or value, of all intermediate goods used in production, including market transactions for intermediate goods separately in the measurement of gross domestic product leads to double counting.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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Capital Account
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