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RESOURCE MARKETS: Market used to exchange the services of resources labor, capital, and natural resources. The value of services exchanged through resource markets each year is measured as national income. Compare financial market, product market.
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Lesson 14: Aggregate Supply | Unit 5: Connections
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Page: 19 of 20
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Government can use supply-management policies to shift the aggregate supply curves.- Supply-management policies have been less popular among politicians because they tend to be slower than demand-management policies.
- Politicians tend to prefer faster demand-management policies when seeking to replace the slow-moving automatic mechanism.
Supply-management policies:- Business deregulation to reduce production cost.
- Tax policies that stimulate capital investment.
- Technology and education that increase capital and labor quality.
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AVERAGE FIXED COST Total fixed cost per unit of output, found by dividing total fixed cost by the quantity of output. When compared with price (per unit revenue), average fixed cost (AFC) indicates whether or not a profit-maximizing firm should shutdown production in the short run. Average fixed cost is one of three average cost concepts important to short-run production analysis. The other two are average total cost and average variable cost. A related concept is marginal cost.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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NBER
National Bureau of Economic Research
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