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PLANNING HORIZON: Another term for the long-run average cost curve. The long-run average cost curve is termed the planning horizon because it provides information a firm can use to plan factory construction and expansion in the long run.

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Lesson 22: Factor Supply | Unit 1: Background Page: 3 of 25

Topic: Factors of Production <=PAGE BACK | PAGE NEXT=>

  • The four basic resources supplied through factor markets are:

    • Labor: This is the human effort, both physical and mental, used in production.

    • Capital: This is the machines, equipment, tools, and buildings used in production.

    • Land: This is the raw materials or natural resources that make up the good produced.

    • Entrepreneurship: This is the risk-taking organizers of production.


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AGGREGATE SUPPLY DETERMINANTS

An assortment of ceteris paribus factors that affect short-run and long-run aggregate supply, but which are assumed constant when the short-run and long-run aggregate supply curves are constructed. Changes in any of the aggregate supply determinants cause the short-run and/or long-run aggregate supply curves to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate supply curves to shift, they are commonly grouped into three broad categories--resource quantity, resource quality, and resource price.

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Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a stretchable, flexible watch band or high-gloss photo paper that works with your printer. Be on the lookout for a thesaurus filled with typos.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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JIE
Journal of Industrial Economics
A PEDestrian's Guide
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