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SCARCE RESOURCE: A resource with an available quantity less than its desired use. Scarce resources are also called factors of production. Scarce goods are also termed economic goods. Scarce resources are used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource is scarce because it has a limited availability in combination with a greater (potentially unlimited) productive use. It's both of these that make it scarce. In other words, even though an item is quite limited it will not be a scarce resource if it has few if any uses (think pocket lint and free good).
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GOVERNMENT PURCHASES DETERMINANTS: Ceteris paribus factors, other than aggregate income or production, that are held constant when the government purchases line is constructed and which cause the government purchases line to shift when they change. Some of the more important government purchases determinants are fiscal policy and politics. See also | government purchases line | aggregate expenditures determinants | consumption expenditures determinants | investment expenditures determinants | net exports determinants | slope, government purchases line | intercept, government purchases line | induced government purchases | autonomous government purchases | induced expenditures | autonomous expenditures | government expenditures | government purchases | Keynesian economics | macroeconomics | government sector | national income | gross domestic product | determinants | business cycles | circular flow | interest rates, aggregate expenditures determinant | financial wealth, aggregate expenditures determinant | physical wealth, aggregate expenditures determinant | consumer confidence, aggregate expenditures determinant | inflationary expectations, aggregate expenditures determinant | federal deficit, aggregate expenditures determinant | exchange rates, aggregate expenditures determinant | technology, aggregate expenditures determinant | Keynesian model | Keynesian equilibrium | injections-leakages model | aggregate demand | aggregate demand determinants | fiscal policy | multiplier |
Recommended Citation:GOVERNMENT PURCHASES DETERMINANTS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 12, 2025].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: government purchases determinants
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LONG RUN, MICROECONOMICS In terms of the microeconomic analysis of production and supply, a period of time in which all inputs under the control of a firm used in the production process are variable. In the long run, labor and capital are variable inputs. The long-run analysis of production reveals the key role played by returns to scale. This is one of four production time periods used in the study of microeconomics. The other three are short run, very long run, and very short run (or market period). The long run is also a time period designation used in the macroeconomic analysis of economic growth and full employment.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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"What gets measured gets done." -- Peter Drucker, educator
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MLE
Maximum Likelihood Estimator
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