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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 3: Scarcity | Unit 3: Opportunity Cost
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Page: 11 of 17
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- The basic concept of opportunity cost as the highest valued alternative foregone in the pursuit of an activity.
- How the fact that limited resources have alternative uses intertwines the notion of opportunity cost and the basic problem of scarcity.
- Why economic cost is synonymous with opportunity cost.
- Why opportunity cost need not be measured in money terms.
- The difference between explicit and implicit opportunity cost.
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NO-RESERVE BANKING A (hypothetical) method of banking in which banks keep 0 percent of their deposits in the form of bank reserves, meaning that ALL deposits are used for interest-paying loans. No-reserve banking is one of two theoretical alternatives designed to help illustrate a contrast to the fractional-reserve banking actually practiced by modern banks. The other alternative is full-reserve banking. With the no-reserve approach a bank operates as financial intermediary or broker, matching up borrowers and lenders.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a large green chalkboard shaped like the state of Maine or a replacement battery for your pocket calculator. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"It's usually the last ounce of effort that tips the scales of success." -- Rick Beneteau
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DRR
Discounted Rate of Return
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