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June 23, 2017 

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RESOURCE QUALITY, AGGREGATE SUPPLY DETERMINANT: One of three categories of aggregate supply determinants assumed constant when the short-run or long-run aggregate supply curves are constructed, and which shifts both aggregate supply curves when it changes. An increase in a resource quality causes an increase (rightward shift) of both aggregate supply curves. A decrease in a resource quality causes a decrease (leftward shift) of both aggregate supply curves. The other two categories of aggregate supply determinants are resource quantity and resource price. Specific determinants falling into this general category include education and technology. Anything affecting the quality of labor, capital, land, and entrepreneurship is also included.

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TRANSPORTATION: The movement of a good, resource, or commodity from one location to another. This is one of two primary types of production activity, the other being the physical transformation of a good. Transportation invariably involves significant amounts of capital goods, which makes it an industry prone toward either oligopoly or monopoly. In fact, many major oligopoly and monopoly industries are heavily involved with transportation. Public utility monopolies top the list (electricity and natural gas distribution). Oligopoly examples include airlines, railroads, long distance telephone, and television broadcasting.

     See also | production | capital | oligopoly | monopoly | market structure | public utility |


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NONDURABLE GOODS, CONSUMPTION

Personal consumption expenditures on tangible goods that tend to last for less than a year. Common examples are food, clothing, and gasoline. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods and services. Nondurable goods are about 30 percent of personal consumption expenditures and 20 percent of gross domestic product.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for fairy dust that tastes like salt.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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