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X-AXIS: In a graph, this is one of two lines that intersect at a right angle at their origins. This is the "horizontal-axis" that runs from right and left. In most analyses, the variable measured on the X-axis is consider to be the independent variable.
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Lesson 22: Factor Supply | Unit 1: Background
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Page: 2 of 25
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- 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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AGGREGATE SUPPLY DECREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the short-run aggregate supply curve. A decrease in aggregate supply in the short-run aggregate market results in an increase in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for malfunctioning pocket calculators.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"Managing intellectual assets has become the single most important task of business. " -- Thomas Stewart, author
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AER
American Economic Review
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