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ACTIVIST POLICY: Government policies that involve explicit actions designed to achieve specific goals. A common type of activist policy is that designed to stabilize business cycles, reduce unemployment, and lower inflation, through government spending and taxes (fiscal policy) or the money supply (monetary policy). Activist policies are also term discretionary policies because they involve discretionary decisions by government. A contrast to activist policy is automatic stabilizers that help stabilize business cycles without explicit government actions.
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Lesson 6: Supply | Unit 4: Determinants
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Page: 14 of 19
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Topic:
Shifters: Decrease
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Supply determinants shift the supply curve.- The supply curve is drawn assuming that only price and quantity change. The determinants are assumed to be constant.
- A change in one of the determinants can cause:
- A decrease in supply, a leftward shift, which means that for any price, for every price, sellers are willing and able to sell less of the good.
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MARGINAL FACTOR COST, MONOPSONY The change in total factor cost resulting from a change in the quantity of factor input employed by a monopsony. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"My future starts when I wake up every morning . . . Every day I find something creative to do with my life. " -- Miles Davis, musician
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COLA
Cost of Living Adjustment
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