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JOINT PRODUCT: One of two goods that are produced jointly using the same resource--that is, the production of one good automatically triggers the production of the other. Also termed by-products or complements-in-production, a noted example is the production of two goods--beef and leather--from one resource--cattle. Another joint product example is lumber and sawdust--both produced from a single tree.
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Lesson 4: Production Possibilities | Unit 4: Analysis
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Page: 14 of 24
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We can use production possibilities to illustrate the full employment condition.- Full employment is the condition that exists when all available resources are engaged in the production of goods and services.
- Full employment can be interpreted as any bundle that places the economy ON the production possibilities curve, including D and J.
- L does not fully employ all resources.
- M is not attainable.
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WAGES, AGGREGATE SUPPLY DETERMINANT One of several specific aggregate supply determinants assumed constant when the short-run aggregate supply curve is constructed, and that shifts the short-run aggregate supply curve when it changes. An increase in the wages causes a decrease (leftward shift) of the short-run aggregate supply curve. A decrease in the wages causes an increase (rightward shift) of the short-run aggregate supply curve. Other notable aggregate supply determinants include the technology, energy prices, and the capital stock. Wages are an example of a resource price aggregate supply determinant.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Only great minds can afford a simple style." -- Stendhal, writer
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FTC
Federal Trade Commission
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