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A: The common notation for the "intercept" term of an equation specified as Y = a + bX. Mathematically, the a-intercept term indicates the value of the Y variable when the value of the X variable is equal to zero. Theoretically, the a-intercept is frequently used to indicate exogenous or independent influences on the Y variable, that is, influences that are independent of the X variable. For example, if Y represents consumption and X represents national income, a measures autonomous consumption expenditures.
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Lesson 22: Factor Supply | Unit 1: Background
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Page: 3 of 25
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Topic:
Factors of Production
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- 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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ELASTICITY AND DEMAND SLOPE The slope of a straight-line demand curve, one with a constant slope, has constantly changing elasticity. It includes all five elasticity alternatives--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic. No two points on a straight-line demand curve have the same elasticity.
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BLUE PLACIDOLA [What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either a T-shirt commemorating the first day of winter or software that won't crash your computer. Be on the lookout for strangers with large satchels of used undergarments. Your Complete Scope
This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"The best way to cheer yourself up is to try to cheer somebody else up." -- Mark Twain
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TOCOM Tokyo Commodity Exchange (Japan)
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