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FINAL GOODS AND SERVICES: Goods and services that are available for purchase by their ultimate or intended user with no plans for further physical transformation or as an input in the production of other goods that will be resold. Gross domestic product seeks to measure the market value of final goods. Final goods are purchased through product markets by the four basic macroeconomic sectors (household, business, government, and foreign) as consumption expenditures, investment expenditures, government purchases, and exports. Final goods, which are closely related to the term current production, should be contrasted with intermediate goods--goods (and services) that will be further processed before reaching their ultimate user.

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Lesson Contents
Unit 1: Background
  • Doing Supply
  • Factor Payments
  • Factors of Production
  • Factor Markets
  • Circular Flow
  • Unit 1 Summary
  • Unit 2: Resources
  • Alike But Different
  • Labor: Satisfaction And Leisure
  • Capital: Financial And Physical
  • Land: Space And Materials
  • Entrepreneurship: Risk
  • Unit 2 Summary
  • Unit 3: Factor Supply
  • Supply Times Three
  • Market Control Times Four
  • Factor Cost Times Three
  • Supply Curves Times Two
  • Unit 3 Summary
  • Unit 4: Determinants
  • The Old Standards
  • Mobility
  • Geographic Mobility
  • Occupational Mobility
  • Unit 4 Summary
  • Unit 5: Taking Stock
  • Review
  • Preview
  • Unit 5 Summary
  • Course Home
    Factor Supply

    • The first unit of this lesson, Background, begins by laying the foundation for factor markets and factor supply.
    • In the second unit, Resources, we examine specific supply considerations for the alternative factors of production.
    • The third unit, Cost And Supply, then takes a look at the three key factor cost concepts -- total, average, and marginal.
    • In the fourth unit, Determinants, we examine the key determinants that shift the factor supply curve, especially mobility.
    • The fifth and final unit, Taking Stock, then closes this lesson with a review of factor supply and a preview of factor market analysis to come.

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    INJECTIONS LINE

    A graphical representation of the relation between the level of aggregate production and one or more injections. The three injections (non-consumption expenditures on aggregate production) are investment expenditures, government purchases and exports. The injections line sequentially adds, or layers, each of these three expenditures depending on the number of sectors used in the analysis (two, three, or four). The slope of the injections line depends on which if any of the expenditures are induced by aggregate production. The injections line is combined with the leakages line (containing saving, taxes, and imports) in the Keynesian injections-leakages model.

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