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LONG-RUN EQUILIBRIUM: The condition that exists for the aggregate market when the product, financial, and resource markets are in equilibrium simultaneously. This condition is made possible by flexible wages and prices and is represented by the intersection of the AD (aggregate demand) curve and the LRAS (long-run aggregate supply) curve.

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Lesson 3: Scarcity | Unit 2: Resources Page: 7 of 17

Topic: Comparisons <=PAGE BACK | PAGE NEXT=>

Some times the differences between these four resource types are not clear cut.
  • What is the difference between entrepreneurship and labor? Do they have membership cards?
  • What is the difference between labor and capital? Aren't people produced?
  • What is the difference between land and capital? Is farmland natural or is it produced like capital?

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INTERCEPT, CONSUMPTION LINE

The intercept of the consumption line indicates autonomous consumption, consumption that does not depend on the level of income or production. This can be thought of as the baseline level of consumption that would be undertaken if income falls to zero. Autonomous consumption is affected by the consumption expenditures determinants, which cause a change in the intercept and a shift of the consumption line. The value of the intercept of the saving line is the negative of the value of the intercept of the saving line.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either a birthday greeting card for your uncle or a T-shirt commemorating the 2000 Presidential election. Be on the lookout for door-to-door salesmen.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"Recipe for success. Study while others are sleeping; work while others are loafing, prepare while others are playing, and dream while others are wishing."

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