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AAUP: The abbreviation for American Association of University Professors, which is an association of university and college faculty established in 1915 to protect academic freedom. The AAUP is the closest thing university faculty have to a labor union. While it does engage in some collective bargaining functions with specific universities, similar to traditional labor unions, its primary function is to ensure that faculty maintain intellectual or academic freedom from political of social pressures.

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Lesson 14: Aggregate Supply | Unit 4: Determinants Page: 15 of 20

Topic: Quality of Resources <=PAGE BACK | PAGE NEXT=>

Resource quality tends to change slowly and gradually. We seldom see big jumps in these long run aggregate supply determinants.

Two ways to improve resource quality:

  • Technology: The information about production techniques. It generally moves forward, so that aggregate supply increases. Technology primarily affects capital and land.
  • Education: Transferring information, knowledge, and training to people. It also generally moves forward, increasing aggregate supply. Education is most important for labor.
Resource quality generally increases, but it can decrease in unusual circumstances.

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TOTAL PRODUCT CURVE

A curve that graphically represents the relation between total production by a firm in the short run and the quantity of a variable input added to a fixed input. When constructing this curve, it is assumed that total product changes from changes in the quantity of a variable input (like labor), while other inputs (like capital) are fixed. This is one of three key product curves used in the analysis of short-run production. The other two are marginal product curve and average product curve.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for the happiest person in the room.
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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.
"Success is more a function of consistent common sense than it is of genius. "

-- An Wang, industrialist

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