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INFLATIONARY EXPECTATIONS, AGGREGATE DEMAND DETERMINANT: One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and that shifts the aggregate demand curve when it changes. An increase in the inflationary expectations causes an increase (rightward shift) of the aggregate curve. A decrease in the inflationary expectations causes a decrease (leftward shift) of the aggregate curve. Other notable aggregate demand determinants include interest rates, federal deficit, and the money supply.
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Lesson 22: Factor Supply | Unit 2: Resources
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Page: 9 of 25
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Topic:
Capital: Financial And Physical
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- 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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AVERAGE COST The opportunity cost incurred per unit of good produced. This is calculated by dividing the cost of production by the quantity of output produced. While average cost is a general term relating cost and the quantity of output, three specific average cost terms are average total cost, average variable cost, and average fixed cost. A related cost term is marginal cost.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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BNA
Bureau of National Affairs
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