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FACTOR SUPPLY CURVE: A graphical representation of the relation between the price to a factor of production and quantity of the factor supplied, holding all ceteris paribus factor supply determinants constant. The factor supply curve is one half of the factor market. The other half is the factor demand curve. The factor supply curve indicates the quantity of a factor that would be supplied at alternative factor prices. While all factors of production, or scarce resources, including labor, capital, land, and entrepreneurship, have factor supply curves, labor is the factor most often analyzed. Like other supply curves, the factor supply curve is generally positively sloped. Higher factor prices are associated with larger quantities supplied and lower factor prices go with smaller quantities supplied.

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CLASSICAL ECONOMICS: A body of economic thought originating with the work of Adam Smith based on the idea that the operation of unrestricted markets generates aggregate or national production that fully utilizes the economy's resources and maintains full employment. The three primary assumptions of classical economics are flexible prices, Say's law, and the saving-investment equality.

     See also | Adam Smith | The Wealth of Nations | flexible prices | Say's law | saving-investment equality | full employment | Keynesian economics | macroeconomics | invisible hand | laissez faire |


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ASSUMPTIONS, KEYNESIAN ECONOMICS

The macroeconomic study of Keynesian economics relies on three key assumptions--rigid prices, effective demand, and savings-investment determinants. First, rigid or inflexible prices prevent some markets from achieving equilibrium in the short run. Second, effective demand means that consumption expenditures are based on actual income, not full employment or equilibrium income. Lastly, important savings and investment determinants include income, expectations, and other influences beyond the interest rate. These three assumptions imply that the economy can achieve a short-run equilibrium at less than full-employment production.

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Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for cardboard boxes.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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