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September 23, 2018 

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ECONOMICS: A social science that studies the allocation of limited resources to the production of goods and services used to satisfy consumer's unlimited wants and needs. Five notable phrases contained in this definition that need further study are: (1) social science, (2) allocation, (3) limited resources, (4) production, and (5) unlimited wants and needs.

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TOTAL FACTOR COST, MONOPSONY: The opportunity cost incurred by a monopsony when using a given factor of production to produce a good or service. This is the total cost associated with the use of a particular resource or factor of production--it is the total cost of the factor. For monopsony, the price paid increases with the quantity purchased and total factor cost increases at an increasing rate. Total factor cost is predominately used in the analysis of the factor market. Two derivative factor cost measures are average factor cost and marginal factor cost.

     See also | average factor cost | marginal factor cost | average factor cost curve | marginal factor cost curve | total cost | total product | total factor cost, perfect competition | total factor cost, perfect competition |


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TOTAL FACTOR COST, MONOPSONY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: September 23, 2018].


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AGGREGATE SUPPLY DETERMINANTS

An assortment of ceteris paribus factors that affect short-run and long-run aggregate supply, but which are assumed constant when the short-run and long-run aggregate supply curves are constructed. Changes in any of the aggregate supply determinants cause the short-run and/or long-run aggregate supply curves to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate supply curves to shift, they are commonly grouped into three broad categories--resource quantity, resource quality, and resource price.

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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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