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RESOURCE: The labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Land provides the basic raw materials--vegetation, animals, minerals, fossil fuels--that are inputs into the production of goods (natural resources). Labor is the resource that does the "hands on" work of transforming raw materials into goods. Capital is the comprehensive term for the vast array of tools, equipment, buildings, and vehicles used in production. Entrepreneurship is the resource that undertakes the risk of bringing the other resources together and initiating the production process.
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RESOURCE PRICES, SUPPLY DETERMINANT The prices of the resource inputs that affect production cost and the ability to sell a particular good, which are assumed constant when a supply curve is constructed. An increase in resources prices causes a decrease in supply and a decrease in resource prices causes an increase in supply. Resources prices are one of five supply determinants that shift the supply curve when they change. The other four are production technology, other prices, sellers' expectations, and number of sellers.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for malfunctioning pocket calculators.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"The true idealist pursues what his heart says is right in a way that his head says will work. " -- Richard Nixon, 37th US president
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L/C
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