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WANTS: This is often thought of as a psychological desire which makes life just a little more enjoyable, but which is not physiological necessary to life. You need oxygen, but you want a hot fudge sundae. Satisfaction is achieved by fulfilling wants.

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Lesson 21: Factor Demand | Unit 1: Factor Markets Page: 6 of 24

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • The composition of wages paid for labor, including monetary payment and psychological rewards.
  • How factor markets deal with all four resource categories -- labor, capital, land, and entrepreneurship.
  • How factor markets exchange the services of resources and not the actual resources.
  • A review of the four resource categories -- labor, capital, land, and entrepreneurship.
  • The four payments that correspond to the four resource categories -- wage, interest, rent, and profit.
  • The role factor (or resource) markets play in the circular flow model of the economy.


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CAPITAL STOCK, AGGREGATE SUPPLY DETERMINANT

One of several specific aggregate supply determinants assumed constant when the aggregate supply curves (both long run and short run) are constructed, and which shifts the aggregate supply curves when it changes. An increase in the capital stock causes an increase (rightward shift) of both aggregate supply curves. A decrease in the capital stock causes a decrease (leftward shift) of both aggregate supply curves. Other notable aggregate supply determinants include the technology, energy prices, and the wages. Capital stock comes under the resource quantity aggregate supply determinant.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for poorly written technical manuals.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"The best way to cheer yourself up is to try to cheer somebody else up."

-- Mark Twain

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