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FALLACY: A logical error in an argument or evaluation of a policy. The six common fallacies that surface in economic analysis are: false cause, personal attack, division, composition, false authority, and mass appeal. These fallacies are most troublesome because, although false, they seem correct, especially when used by a slick-talking, charismatic person (politician) or when the fallacies support a preconceived notion or fundamental belief.
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Lesson 22: Factor Supply | Unit 4: Determinants
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Page: 18 of 25
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Topic:
The Old Standards
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- Price is not the only influence on quantity supplied. These are ceteris paribus factor supply determinants:
- Factor supply determinants are any influences, other than factor price, assumed constant when a factor supply curve is constructed that shift the factor supply curve when they change.
- Supply Determinants:
- Resource Prices
- Technology
- Other Prices
- Expectations
- Number of Sellers
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COMPARATIVE STATICS The technique of comparing the equilibrium resulting from a change in a determinant, or shock to a model, with the equilibrium that existed prior to the change. Comparative statics is the primary analytical technique used in the study of economics.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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GATS
General Agreement on Trade in Services
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