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QUOTA: A limit on the quantity of some sort of activity. Two of the more noted quotas are for employment and imports. Employment quotas have been used as a means of providing increased opportunities to blacks, hispanics, women, and other groups that have been historically subject to discrimination. Such quotas, however, tend to anger other groups, especially white males, who don't get favorable treatment. While employment or similar anti-discrimination quota systems might help address historical problems, they are not without cost. In particular, our economy's efficiency is likely to suffer if a less qualified member of an ethnic group is selected over someone who is more qualified. Import quotas have similar problems. They are one form of trade barriers that's usually intended to reduce the competition faced by a domestic producer.
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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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FACTOR SUPPLY CURVE A graphical representation of the relation between the price to a factor of production and quantity of the factor supplied, holding all ceteris paribus factor supply determinants constant. The factor supply curve is one half of the factor market. The other half is the factor demand curve.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"What gets measured gets done." -- Peter Drucker, educator
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ALAC
Latin American Free Trade Area
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