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ECONOMIC RENT: The difference between the payment received by a resource owner and the opportunity cost of the resource. This is the payment received by a resource owner over and above the minimum needed to produce a good. Many resource owners are able to extract a portion of the economic profit generated by a business as a economic rent.
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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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FEDERAL DEFICIT, 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 the federal deficit causes an increase (upward shift) of the aggregate expenditures line. A decrease in the federal deficit causes a decrease (downward shift) of the aggregate expenditures line. Other notable aggregate expenditures determinants include consumer confidence, financial wealth, inflationary expectations, and exchange rates.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better." -- Elizabeth Stuart Phelps, Writer
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RPI
Retail Price Index
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