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PHYSICAL WEALTH, AGGREGATE DEMAND DETERMINANT: One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and that shifts the aggregate demand curve when it changes. An increase in the physical wealth causes a decrease (leftward shift) of the aggregate curve. A decrease in the physical wealth causes an increase (rightward shift) of the aggregate curve. Other notable aggregate demand determinants include interest rates, federal deficit, inflationary expectations, and the money supply.

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Lesson 22: Factor Supply | Unit 4: Determinants Page: 18 of 25

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  • Price is not the only influence on quantity supplied. These are ceteris paribus factor supply determinants:

  • Factor supply determinants are any influences, other than factor price, assumed constant when a factor supply curve is constructed that shift the factor supply curve when they change.
  • Supply Determinants:

    • Resource Prices
    • Technology
    • Other Prices
    • Expectations
    • Number of Sellers


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RETURNS TO SCALE

Changes in production the occur when all resources are proportionately changed in the long run. Returns to scale come in three forms--increasing, decreasing, or constant based on whether the changes in production are proportionally more than, less than, or equal to the proportional changes in inputs. Returns to scale are the guiding principle for long-run production, playing a similar role that the law of diminishing marginal returns plays for short-run production.

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Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a toaster oven that has convection cooking or a birthday gift for your mother. Be on the lookout for celebrities who speak directly to you through your television.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"The greatest use of life is to spend it for something that will outlast it."

-- William James, psychologist

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