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GUILD: In medieval European times, a collection of artisans or merchants in the same occupation or industry, often in a particular location. Guilds were the forerunners of modern craft unions. They typical set quality standards and criteria for entry into the profession. Doing so allowed guilds to limit competition, monopolize their markets, keep prices high, and boost guild member incomes.
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Lesson 14: Aggregate Supply | Unit 4: Determinants
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Page: 14 of 20
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Topic:
Quantity of Resources
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A change in the quantity of labor, capital, land, or entrepreneurship will alter full employment real production and shift the long-run aggregate supply curve.- Changes in resource quantities tend to be steady and predictable.
- Labor can change for three reasons:
- Natural growth of population.
- Migration.
- The labor force participation rate.
- Capital changes from depreciation of capital and investment in capital.
- Land changes from exploration and discovery of natural resources.
- Entrepreneurship, while difficult to measure, increases when more people assume the risk of production.
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AVERAGE FACTOR COST, MONOPSONY Total factor cost per unit of factor input employed by a monopsony in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a Boston Red Sox baseball cap or a square lamp shade with frills along the bottom. Be on the lookout for mail order catalogs with hidden messages.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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HFO
Heavy Fuel Oil
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