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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
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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    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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    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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