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ACCELERATOR: The ratio between investment expenditures and the change in gross domestic product. This is based on the notion that business investment depends on the rate of growth of aggregate output. If the economy is expanding, in other words, then the business sector invests in more capital goods to produce the extra output needed. This accelerator effect modifies and magnifies the simply multiplier effect based on the induced consumption and the marginal propensity to consume.
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Lesson Contents
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Unit 1: Background |
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Unit 2: Resources |
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Unit 3: Factor Supply |
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Unit 4: Determinants |
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Unit 5: Taking Stock | |
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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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VALUE The worth members of society place on a good, service, resource, commodity, or other asset, which is based on the direct or indirect satisfaction of wants and needs generated. In an economy that uses markets to exchange commodities, value is commonly indicated by price and measured by the economy's monetary unit.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for fairy dust that tastes like salt.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"always remember an epitaph which is in the cemetery at Tombstone, Arizona. It says: „Here lies Jack Williams. He done his damnedest.¾ I think that is the greatest epitaph a man can have ‚ When he gives everything that is in him to do the job he has before him. That is all you can ask of him and that is what I have tried to do. " -- Harry Truman, 33rd US president
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