October 27, 2016 

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Factor Cost.
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LABOR MARKET: A market that exchanges the services of labor resources. For the macroeconomy, this is a critical aspect of the aggregate resource markets, especially the short-run condition of rigid prices. Labor market wages tend to be rigid in short run. Such wage rigidity, was well as other short run problems, prevent labor markets from achieve equilibrium. The result is either unemployment or overemployment, both of which prevent long-run equilibrium in the aggregate market.

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SUPPLY: The willingness and ability to sell a range of quantities of a good at a range of prices, during a given time period. Supply is one half of the market exchange process; the other is demand. This supply side of the market is directly connected to the limited resources dimension of the scarcity problem. Folks who have ownership and control over resources (labor, capital, land, and entrepreneurship) use them to produce the goods and services that satisfy other's wants and needs. Ownership and control of resources is the ultimate source of supply.

     See also | price | supply price | quantity supplied | market | exchange | demand | unlimited wants and needs | scarcity | satisfaction | income | supply curve | supply shock | supply determinants | supply space |

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SUPPLY, AmosWEB GLOSS*arama,, AmosWEB LLC, 2000-2016. [Accessed: October 27, 2016].

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Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Resources are often given the more descriptive term factors of production.

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State of the ECONOMY

Housing Starts
November 2015
Up 10.5% from Oct. 2015: U.S. Dept. of Com.

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[What's This?]

Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?

On a typical day, the United States Mint produces over $1 million worth of dimes.
"The ideals that have lighted my way, and time after time have given me new courage to face life cheerfully, have been kindness, beauty and truth. "

-- Albert Einstein, physicist

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