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LABOR FORCE: The total number of people willing and able to exert mental and/or physical efforts in productive activities. In principle, this is everyone 16 years of age and over who is willing and able to work. In practice, it includes the sum of anyone over 16 years who is employed or unemployed but actively seeking a job. The labor force is essentially a more technical term for the economy's labor supply.
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Lesson 6: Market Supply | Unit 4: Determinants
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Page: 17 of 19
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- How relaxing the ceteris paribus assumption makes further analysis of supply and markets possible.
- How the changes in the supply determinants cause rightward or leftward shifts in the supply curve.
- The five basic supply determinants: resource prices, technology, prices of other goods, sellers' expectations, and number of sellers, and how each shifts the supply curve.
- How a change in the price of a substitute-in-production affects supply differently than a change in the price of a complement-in-production.
- Most important of all, the difference between a change in supply, caused by a change in a supply determinant, and a change in quantity supplied, caused by a change in price.
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AGGREGATE EXPENDITURES EQUATION An equation that summarizes the four aggregate expenditures on gross domestic product by the four macroeconomic sectors. In the study of Keynesian economics, this equation is commonly used to summarize the demand side of the macroeconomy. The aggregate expenditures equation actually comes in three different versions depending on how many of the four sectors and their expenditures are included.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for high interest rates.
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In the early 1900s around 300 automobile companies operated in the United States.
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"Act well at the moment, and you have performed a good action for all eternity." -- Johann Kaspar Lavater
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VAT
Value Added Tax
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