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ECONOMIC DEVELOPMENT: The process of improving the economy's ability to satisfy consumers wants and needs. Unlike economic growth, which is concerned with year to year increases in production, economic development deals more with the basic fabric of society, especially the institutions that govern the way our economy and society functions. As such, a lesser developed nation is not only likely to have a low levels of production and limited amount capital, but also cultural beliefs and government practices that prevent more effective use of the capital.
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FACTOR SUPPLY The willingness and ability of scarce resources or factors of production to offer their services for use in productive activities. Factor supply relates price and quantity, specifically, factor supply is the range of factor quantities that are supplied at a range of factor prices. This is one half of the factor market. The other half is factor demand. The factors of production subject to factor supply include any and all of the four scarce resources--labor, capital, land, and entrepreneurship. However, because labor involves human beings directly, it is the factor that tends to receive the most scrutiny and analysis.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a flea market looking to buy either a replacement nozzle for your shower or a decorative windchime with plastic . Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"Unless you are willing to drench yourself in your work beyond the capacity of the average man, you are just not cut out for positions at the top." -- J. C. Penney, Retailer
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HDI
Human Development Index
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