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ECONOMIC SYSTEM: The assorted institutions that society uses to answer the three basic questions of allocation and address the fundamental problem of scarcity. Another, more popular term for economic system is economy. An economy, or economic system, is the structural framework in which households, businesses, and governments undertake the production and consumption decisions that allocate limited resources to satisfy unlimited wants and needs.
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Lesson 22: Factor Supply | Unit 2: Resources
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Page: 8 of 25
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Topic:
Labor: Satisfaction And Leisure
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- The perpetual trade-off faced by the providers of labor services -- work versus leisure -- results because the person can not be separated from the productive resource.
- A couple of important implications for the factor supply of labor.
- Compensating Wages: First, wages tend to be higher or lower depending on the amount of satisfaction associated with the job.
- Backward-Bending Supply: Second, satisfaction is affected by both working and not working (that is, leisure).
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AUTOMATIC STABILIZERS Taxes and transfer payments that depend on the level of aggregate production and income such that they automatically dampen business-cycle instability without the need for discretionary policy action. Automatic stabilizers are a form of nondiscretionary fiscal policy that do not require explicit action by the government sector to address the ups and downs of the business cycle and the problems of unemployment and inflation.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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SBDC
Small Business Development Center
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