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FACTOR SUPPLY DETERMINANTS: An ceteris paribus factors held constant when the factor supply curve is constructed that cause the curve to shift when they change. Because factor supply differs greatly depending on the particular factor analyzed (labor, capital, land, and entrepreneurship), factor supply determinants also come from different sources. Several key determinants come from the five standard market supply determinants: (1) resource prices, (2) technology, (3) other prices, (4) sellers' expectations, and (5) number of sellers. However, because labor is people (who receive satisfaction from working) three additional determinants come from market demand: (1) income, (2) preferences, and (3) other prices. Last, but not least, is the mobility of resources, including both geographic and occupational mobility.
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OLIGOPOLY, CHARACTERISTICS The three most important characteristics of oligopoly are: (1) an industry dominated by a small number of large firms, (2) firms sell either identical or differentiated products, and (3) the industry has significant barriers to entry.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"The art of leadership is saying no, not yes. It is very easy to say yes. " -- Tony Blair, British prime minister
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M1
currency and coins held by the nonbank public plus checkable deposits issued by traditional banks, savings and loan associations, credit unions, and mutual savings banks
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