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COMPENSATION OF EMPLOYEES: The official item in the National Income and Product Accounts maintained by the Bureau of Economic Analysis measuring wages earned by the household sector for supplying labor services. This is one of five official factor payments making up national income. The other four are net interest, rental income of persons, corporate profits, and proprietors' income. Compensation of employees is far and away the largest of the five factor payments, typically running about 70% of national income.
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Lesson 14: Aggregate Supply | Unit 1: The Concept
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In this lesson we will look at the other side of the aggregate market, the aggregate supply, to see how gross domestic product gets produced. Society's scarce resources, with the opportunity cost of their alternative uses, must be combined to produce these goods and services. A Definition: - Aggregate supply is the total, or aggregate, production of final goods and services available in the domestic economy at a range of price level, during a given time period (usually one year).
- Similar to aggregate demand.
The goal of aggregate supply is to combine scarce resources to produce our economy's gross domestic product.- Four resource categories of aggregate supply:
- Labor The people working.
- Capital Tools and equipment.
- Land Raw materials.
- Entrepreneurship Those who assume the risk of production.
- The goods and services produced are supplied to meet the demands of our households, business, government, and foreign sectors.
- Gross production is the supply side of the aggregate market, the supply of real production, or real GDP.
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MARGINAL REVENUE CURVE A curve that graphically represents the relation between the marginal revenue received by a firm for selling its output and the quantity of output sold. A firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve. The marginal revenue curve for a firm with no market control is horizontal. The marginal revenue curve for a firm with market control is negatively sloped and lies below the average revenue curve.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for poorly written technical manuals.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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AFBD
Association of Futures Brokers and Dealers (UK)
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