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RESOURCES: The labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Land provides the basic raw materials--vegetation, animals, minerals, fossil fuels--that are inputs into the production of goods (natural resources). Labor is the resource that does the "hands on" work of transforming raw materials into goods. Capital is the comprehensive term for the vast array of tools, equipment, buildings, and vehicles used in production. Entrepreneurship is the resource that undertakes the risk of bringing the other resources together and initiating the production process.
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Lesson 1: Economic Basics | Unit 4: Goals
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Page: 13 of 18
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- The three macroeconomic goals of full employment, stability, and growth.
- The two microeconomic goals of efficiency and equity.
- The tradeoffs that exist between the five economic goals and why the pursuit of one goal prevents pursuit of another.
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EXCHANGE RATES, AGGREGATE DEMAND DETERMINANT One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and that shifts the aggregate demand curve when it changes. An increase in exchanges rates causes an increase (rightward shift) of the aggregate curve. A decrease in the exchanges rates causes a decrease (leftward shift) of the aggregate curve. Other notable aggregate demand determinants include interest rates, the money supply, inflationary expectations, consumer confidence, and the federal deficit.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"Whenever an individual or a business decides that success has been attained, progress stops. " -- Thomas Watson Jr., IBM executive
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DOJ
Department of Justice (US)
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