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LONG-RUN TREND: The general movement over time of particular measurement, especially one prone toward shorter term fluctuations. One of the most important long-run trends in the study of macroeconomics is for real GDP. The long-run trend of real GDP, which has historically increased about 3% a year, indicates the increase in the economy's production capabilities. Such capabilities have increased due to increases in the quantity and quality of resources.

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Lesson 6: Supply | Unit 3: Supply Curve Page: 11 of 19

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  • The supply schedule as a table of price/quantity numbers that illustrate the supply relation and the law of supply.
  • How the supply curve is derived from the supply schedule.
  • How the positive slope of the supply curve reflects the law of supply.
  • The supply curve, and the supply price, as the lower limit of supply space.


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LABOR

The mental and physical human efforts used in the production of goods and services. This is one of four basic categories of resources, or factors of production. The other three are capital, land, and entrepreneurship.

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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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