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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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BROWN PRAGMATOX
Your compete MICRO*scope for today
You are the type of person who is the poster child for the word "frugal," and you might even buy the poster if it cost less. Family and friends never, never, never ask your advice about the latest fashions, and rightly so. Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for letters from the Internal Revenue Service. You should consider shopping at stores or businesses beginning with the letter Y, but do not buy any products with a serial number or product code containing the number 102963. Your preferred shopping venue is thrift stores. Your special symbol is the comma (,).
Is this You?
As a Brown Pragmatox, you are down-to-earth and practical. You are hard working and industrious. You are frugal to the point that you might even refrain from making a purchase that you really, really need. Doing so often causes problems down the road. You definitely go with function over form and substance over style.
This isn't me! What am I?
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ACCOUNTING COST An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are more interested in economic cost (also called opportunity cost), which is the value of foregone production.
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A Somewhat Defective Look At PRODUCT SAFETYWAIT! STOP! My shoe's untied! And my blasted shoestring is tangled! Fortunately I have my handy OmniStraight shoestring straightener, a product developed by a team of former NASA scientists that's designed to straighten and untangle even the most convoluted shoestrings. OOPS! You might want to continue your pedestrian journey without me. It seems as though my handy OmniStraight shoestring straightener has inadvertently dissected my shoestring, mangled the upper half of my jogging shoe, and introduced several gashes to the top of my foot. As I faint face-first onto the sidewalk from the loss of blood, you can consider some of the ins and outs of my predicament.
Tell me more...
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"There is at least one point in the history of any company when you have to change dramatically to rise to the next level of performance. Miss that moment, and you start to decline. " -- Andy Grove, Intel Corp. chairman
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AS-AD
Aggregate Supply-Aggregate Demand Model
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