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ARP: The abbreviation for average revenue product, which is total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input. Average revenue product is most often used in the analysis of the demand for productive inputs.
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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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LABOR FORCE The total number of people in an economy, society, or country willing and able to exert mental and/or physical efforts in productive activities. The labor force is a more technical term for the labor resource or labor supply. It includes both employed workers and unemployed workers. An official variation of this term is civilian labor force. While labor force may or may not include military personnel, the civilian labor force explicitly excludes the military. Labor and labor resources are the theoretical terms that economists like to banter about. Labor force and civilian labor force are the terms of choice for government policy makers, data-crunchers, and others who need precise labor resource numbers.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for vindictive digital clocks with revenge on their minds.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"When you play, play hard; when you work, don't play at all. " -- Theodore Roosevelt, 26th US president
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USDA
United States Department of Agriculture
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