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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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AGGREGATE SUPPLY SHIFTS Changes in the aggregate supply determinants shift both the short-run aggregate supply curve and the long-run aggregate supply curve. The mechanism is comparable to that for market supply determinants and market supply. There are two options--an increase in aggregate supply and a decrease in aggregate supply. An increase in resource quantity or quality or a decrease in resource price shifts one or both of the aggregate supply curves to right. A decrease in resource quantity or quality or an increase in resource price shifts one or both of the aggregate supply curves to left.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time surfing the Internet looking to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for slow moving vehicles with darkened windows.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"Success is where preparation and opportunity meet." -- Bobby Unser, Race car driver
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