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LABOR MARKET: A market that exchanges the services of labor resources. For the macroeconomy, this is a critical aspect of the aggregate resource markets, especially the short-run condition of rigid prices. Labor market wages tend to be rigid in short run. Such wage rigidity, was well as other short run problems, prevent labor markets from achieve equilibrium. The result is either unemployment or overemployment, both of which prevent long-run equilibrium in the aggregate market.

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Lesson 22: Factor Supply | Unit 2: Resources Page: 9 of 25

Topic: Capital: Financial And Physical <=PAGE BACK | PAGE NEXT=>

  • Most of the productive capital used in the economy involves ownership and control by the same entity.

  • Let's examine this further.

    • Ownership: First, capital goods, like all property, wealth, and resources are ultimately owned by people.

    • Control: Second, control over the use of capital goods is often by someone other than the owners.

  • While the market for capital services might be somewhat exclusive, two related markets are not.

    • Physical Capital: At times, the term factor market is erroneously used when referring to a capital goods market.

    • Financial Capital: The markets for financial capital are significantly more competitive that the markets for specific capital goods.


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SCARCE RESOURCE

A resource with an available quantity less than its desired use. Scarce, or economic, resources are also called factors of production and are generally classified as either labor, capital, land, or entrepreneurship. Scarce resources are the workers, equipment, raw materials, and organizers used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource falls into the scarce category because it has a limited availability in combination with greater (potentially unlimited) productive uses.

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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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