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WEIGHT GAINING: An activity in which the transportation cost of the output is greater than the transportation cost of the inputs. Using the term weight to mean transportation cost, an activity is said to gain weight if the cost of moving the output to the market is greater than the cost of getting the inputs to the factory. A weight-gaining activity has a greater attraction to, and tends to locate near, the market for the output.

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Lesson 3: Scarcity | Unit 2: Resources Page: 4 of 17

Topic: Factors <=PAGE BACK | PAGE NEXT=>

Factors of production, productive factors, or resources are the 'stuff' used to create wants-and-needs-satisfying goods.

Economists have four official groups, or categories, for our resources, for our factors of production:

  • Labor: human effort, both physical and mental.
  • Capital: machines, equipment, tools, and buildings.
  • Land: raw materials or natural resources.
  • Entrepreneurship: risk-taking organizers of production.

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SUPPLY CURVE

A graphical representation of the relation between the supply price and quantity supplied, holding all ceteris paribus supply determinants constant. A supply curve graphically illustrates the law of supply, the direct relation between supply price and quantity supplied for a particular good. It is one half of the standard market model. A demand curve is the other half.

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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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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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Statistical Product and Service Solutions, Statistical Package for the Social Sciences (software)
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