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AGGREGATE PRODUCTION FUNCTION: A relation between the total production of real output for an economy and the amount of labor input. The aggregate production function is comparable to the standard production function used in the microeconomic analysis of firm behavior but is applied to the macroeconomic study of aggregate supply, resource markets, and employment. It is typically assumed to experience diminishing marginal returns, resulting in a decreasing marginal product of labor.

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Lesson 6: Supply | Unit 5: Scarcity Page: 18 of 19

Topic: Limited Resources <=PAGE BACK | PAGE NEXT=>

Supply is directly connected to the scarcity problem, especially limited resources.
  • Scarcity exists because society has limited resources, but unlimited wants and needs.
  • Markets were developed as a means of addressing the problem of scarcity:
    • The supply side of the market comes from the 'limited resources' side of the scarcity problem.
    • The demand side of the market comes from the 'unlimited wants and needs' side of the scarcity problem.

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LEGAL RESERVES

The combination of vault cash and Federal Reserve deposits that banks can legally use to satisfy government reserve requirements. Legal reserves, which can also be considered total reserves, are divided between require reserves and excess reserves. Required reserves are used to back up deposits and process daily transactions, while excess reserves are then available for interest-paying loans.

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?

The word "fiscal" is derived from a Latin word meaning "moneybag."
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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