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ACCESSIBILITY: The location of economic activity (especially in terms of land) relative to other activities. As real estate agents are prone to say, "The three most important factors in real estate are 'location, location, location.'" Accessibility determines how easy or difficult (read this as costly) it is to allocate good, services, and resources. Transportation is a key factor in accessibility. Efficient, low cost transportation systems improve accessibility.

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Lesson 22: Factor Supply | Unit 3: Factor Supply Page: 17 of 25

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

In this unit, you should have learned about:
  • The three types of supply -- market supply, supply by a firm, and supply to a firm -- and the role supply to a firm has in the analysis of factor markets.
  • The four types of market structures based on market control of the buying-side -- perfect competition, monopsony, monopsonistic competition, and oligopsony.
  • The three notions of factor cost -- total factor cost, average factor cost, and marginal factor cost.
  • The role of market control in the equality or inequality of factor price, average factor cost, and marginal factor cost.
  • The two factor supply curves -- one horizontal, the other positively sloped -- based on no market control or some market control.


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INFLATIONARY EXPECTATIONS, AGGREGATE EXPENDITURES DETERMINANT

One of several specific aggregate expenditures determinants assumed constant when the aggregate expenditures line is constructed, and that shifts the aggregate expenditures line when it changes. An increase in inflationary expectations causes an increase (upward shift) of the aggregate expenditures line. A decrease in inflationary expectations causes a decrease (downward shift) of the aggregate expenditures line. Other notable aggregate expenditures determinants include interest rates, federal deficit, consumer confidence, and exchange rates.

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APLS

WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

CEX
Consumer Expenditure Survey (US)
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