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GOVERNMENT INTERVENTION: Actions on the part of government that affect economic activity, resource allocation, and especially the voluntary decisions made through normal market exchanges. Government, by its very nature, is designed to intervene in voluntary market activity. Some of the more common types of government intervention includes taxes, price controls, assorted regulations, and control over government spending. The general justification for government intervention is that voluntary decisions by consumers and businesses fail to achieve efficiency or other goals deemed important by society.
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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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PRIVATE PROPERTY An economic institution in which goods, resources, commodities, or other assets (property) are owned and controlled by households and businesses (the private sector) rather than government (the public sector). Private property is a key institution, along with individual freedom and competitive markets, that helps to form the structure of capitalism.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club looking to buy either a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or decorative garden figurines. Be on the lookout for pencil sharpeners with an attitude.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Defeat is simply a signal to press onward. " -- Helen Keller, author, lecturer
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MA(N)
A nth-order Moving Average Process
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