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REGULATION, CAPTURE THEORY: Control of a regulatory agency by those entities, usually the businesses of a particular industry, that the agency is designed to regulate. Those industries subject to economic regulation that is intended to protect the public interest (consumers) invariably find it beneficial to exert influence over the regulatory agency. One common way of doing this is to have former or future employees in the industry "temporarily" work for the regulatory agency.

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Lesson 8: Market Shocks | Unit 2: Determinants Page: 5 of 20

Topic: Demand <=PAGE BACK | PAGE NEXT=>

Five basic demand determinants:
  • Income: For a normal good an increase in income means an increase in demand. For an inferior good an increase in income means a decrease in demand.
  • Tastes: If people want more of a good, then demand increases.
  • Prices of other goods: A higher price of a substitute good means an increase in demand. A higher price of a complement good means an decrease in demand.
  • Buyer's expectations: If buyers expect higher prices tomorrow, they increase demand today.
  • Number of buyers: More buyers mean more demand.

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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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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for small children selling products door-to-door.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

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