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RESOURCE PRICES: One of the five supply determinants assumed constant when a supply curve is constructed, and that shift the supply curve when they change. The other four are technology, other prices, sellers' expectations, and number of sellers. Resource prices, the prices paid to use the factors of production (labor, capital, land, and entrepreneurship) affect production cost and thus producers' ability to sell goods. In general, if sellers face higher resource prices, then they have less ABILITY to sell goods.

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Lesson 3: Scarcity | Unit 5: THE Problem Page: 15 of 17

Topic: No Free Lunch <=PAGE BACK | PAGE NEXT=>

An important aspect of scarcity is the fact that almost nothing is free.
  • That's why economists are fond of saying: 'There ain't no such thing as a free lunch.
We have always faced limited resources and we've always wanted more than we can produce.
  • Scarcity is definitely THE Economic Problem.
  • Everything we do from in economic terms-production, consumption, working, attending college-is directed toward this problem.
  • Scarcity is important to many, perhaps even all, other human activities.
  • Education? Without scarcity, education is not needed.
  • Government? Without scarcity, government is not needed.
  • What about vacations, religion, television?

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AGGREGATE MARKET

An economic model relating the price level and real production that is used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, but adapted to the macroeconomy, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers). Also known by the names AS-AD model or income-price model, the aggregate market is THE cornerstone model of macroeconomic analysis.

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YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?

A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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American Stock Exchange
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