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RESOURCE QUANTITY, AGGREGATE SUPPLY DETERMINANT: One of three categories of aggregate supply determinants assumed constant when the short-run and long-run aggregate supply curves are constructed, and which shifts both aggregate supply curves when it changes. An increase in a resource quantity causes an increase (rightward shift) of both aggregate supply curves. A decrease in a resource quantity causes a decrease (leftward shift) of both aggregate supply curves. The other two categories of aggregate supply determinants are resource quality and resource price. Specific determinants falling into this general category include population, labor force participation, capital stock, and exploration. Anything affecting the quantity of labor, capital, land, and entrepreneurship is also included.
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Lesson 11: Elasticity Basics | Unit 2: A Little More
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Page: 7 of 25
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Topic:
Why Study: Market Shocks
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- How much price and quantity changes, however, depends on elasticity.
- Demand Changes, Elastic Supply: With elastic supply any change in demand results in relatively large changes in quantity, but relatively small changes in price.
- Demand Changes, Inelastic Supply: With inelastic supply any change in demand results in relatively small changes in quantity, but relatively large changes in price.
- Supply Changes, Elastic Demand: With elastic demand any change in supply results in relatively large changes in quantity, but relatively small changes in price.
- Supply Changes, Inelastic Demand: With inelastic demand any change in supply results in relatively small changes in quantity, but relatively large changes in price.
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MARGINAL PROPENSITY TO INVEST The change in business investment expenditures induced by a change in income or production (national income or gross domestic product). The marginal propensity to invest (abbreviated MPI) is another term for the slope of the investment line and is calculated as the change in investment divided by the change in income or production. The MPI plays a role in Keynesian economics. It augments the slope of the aggregate expenditures line and is part to the multiplier process. A related marginal measure is the marginal propensity to consume.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for small children selling products door-to-door.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"If we all did the things we are capable of doing, we would literally astound ourselves." -- Thomas Edison
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NEDO
National Economic Development Office
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