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MATERIALS: The stuff used in the production of tangible products that become the tangible products. Materials, also termed raw materials, are part of the land category of scarce resources. Space is also part of the land resource category. Another term that works as a synonym for materials is natural resources. Perhaps it's obvious that without materials, there would be no tangible products.

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Lesson 15: Aggregate Market | Unit 2: Equilibrium Page: 10 of 22

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  • How the equilibrium concept is applied to the aggregate market.
  • The three macroeconomic markets that are relevant to macroeconomic equilibrium--product, financial, and resource markets.
  • How long-run equilibrium exists when all three aggregated markets--product, financial, resource--are in equilibrium.
  • How short-run equilibrium results when the product and financial markets are in equilibrium, but the resource market is not.
  • The long-run equilibrium as a moving target that is always pursued, but seldom reached.

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AVERAGE FACTOR COST CURVE, MONOPSONY

A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average factor cost curve for a firm with market control is positively sloped.

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Today, you are likely to spend a great deal of time watching infomercials hoping to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for mail order catalogs with hidden messages.
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A half gallon milk jug holds about $50 in pennies.
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