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COEFFICIENT OF ELASTICITY: A numerical measure of the relative response of one variable (A) to changes in another variable (B). The most common applications for the coefficient of elasticity are price elasticity of demand and price elasticity of supply. Two other notable applications are income elasticity of demand and cross elasticity of demand.

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Lesson 22: Factor Supply | Unit 1: Background Page: 2 of 25

Topic: Factor Payments <=PAGE BACK | PAGE NEXT=>

  • The factor payments:

  • Factor payments are the wage, interest, rent, and profit payments to the owners labor, capital, land, and entrepreneurship, in return for the use of the productive services.
  • A few more details about the four factor payments:

    • Wage: This is a payment to the owner of labor in exchange for the productive service of labor.

    • Interest: This is a payment to the owner of capital in exchange for the productive services of capital.

    • Rent: This is a payment to the owner of land in exchange for the productive services of land.

    • Profit: This is a payment to the owner of entrepreneurship in exchange for the productive services of entrepreneurship.


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INFLATIONARY GAP

The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production that occurs when short-run equilibrium real production is more than full-employment real production. An inflationary gap, also termed an expansionary gap, is associated with a business-cycle expansion, especially the latter stages of an expansion. This is one of two alternative output gaps that can occur when short-run equilibrium generates production that differs from full employment. The other is a recessionary gap.

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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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