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ECONOMIC GOOD: The transformation of limited resources for the purpose of satisfying unlimited wants and needs. You might detect a similarity between the term economic good and the term scarcity. The reason is that "economic good" is another term for scarce good. We call a scarce good an economic good because a scarce good is one that can be traded through markets.
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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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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store looking to buy either a 50 foot extension cord or a combination CD player, clock radio, and telephone (with answering machine). Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Adversity is another way to measure the greatness of individuals. I never had a crisis that didn't make me stronger. " -- Lou Holtz, Football Coach
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AEC
Annual Equivalent Costs
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