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CAPITAL STOCK, AGGREGATE SUPPLY DETERMINANT: One of several specific aggregate supply determinants assumed constant when the aggregate supply curves (both long run and short run) are constructed, and which shifts the aggregate supply curves when it changes. An increase in the capital stock causes an increase (rightward shift) of both aggregate supply curves. A decrease in the capital stock causes a decrease (leftward shift) of both aggregate supply curves. Other notable aggregate supply determinants include the technology, energy prices, and the wages. Capital stock comes under the resource quantity aggregate supply determinant.

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FREE LUNCH: The consumption of hunger-satisfying food products during the middle of the day, usually around the noon hour, the acquisition of which imposes no opportunity cost on society. Given the fundamental problem of scarcity (the combination of limited resources and unlimited wants and needs), the acquisition of hunger-satisfying food products without imposing an opportunity cost on others is not possible.

     See also | consumption | satisfaction | opportunity cost | free good | free resource | limited resources | unlimited wants and needs | scarcity | TANSTAAFL |


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FALLACY OF FALSE AUTHORITY

The logical fallacy of arguing that something is "correct" or "true" because an "expert" in an unrelated area says so. This is commonly used by both advertisers, politicians, and anyone who relies an "apparent expert" for the "correct" answers to controversial issues.

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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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