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FACTOR SUPPLY: The willingness and ability of scarce resources or factors of production to offer their services for use in productive activities. Like other types of supply, factor supply relates price and quantity. Specifically, factor supply is the range of factor quantities that are supplied at a range of factor prices. This is one half of the factor market. The other half is factor demand. The factors of production subject to factor supply include any and all of the four scarce resources--labor, capital, land, and entrepreneurship. However, because labor involves human beings directly, it is the factor that tends to receive the most scrutiny and analysis.
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Lesson 4: Production Possibilities | Unit 3: The Curve
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Page: 9 of 24
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We can transform the schedule of production possibility numbers into a graph.- Each bundle can be represented by a point in two dimensional production possibilities space.
- The two dimensions of the space are clock calibrators on the horizontal axis and jogging shoes on the vertical axis.
- The horizontal axis is measured between 0 and 11 calibrators.
- The vertical axis is measured between 0 and 500 jogging shoes.
- The two axis are joined at the origin.
- The plotted bundles form a semi-circle pattern.
- If these were stars in the night sky we might name it the arc of production. But it's not, so we won't.
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MONEY FUNCTIONS Any item used as money in an economy automatically takes on four basic functions: (1) medium of exchange, (2) unit of account, (3) store of value, and (4) standard of deferred payment. While "buying and selling" means that money is THE medium of exchange, and by far THE most important function of money, money also performs unit of account, store of value, and standard of deferred payment functions.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for slow moving vehicles with darkened windows.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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ADV FRT
Advance Freight
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