Ebook Macroeconomics (13th edition): Part 2
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Ebook Macroeconomics (13th edition): Part 2
CHAPTERThe Supply of and Demand forProductive ResourcesIt is.. . necessary to attach price tags to the various factors of production ... in order to g Ebook Macroeconomics (13th edition): Part 2guide those who have the day-to-day decisions to make as to what is plentiful and what is scarce.—James Meade'-'Jamci E Meade a hxigtimc proitvoeof CKooomksal Cambndxe Innceaily,Why do business firms demand labor, machines, and other resources? Why is the demand for a productive resource inversely r Ebook Macroeconomics (13th edition): Part 2elated to its price?How is the quantity supplied of a resource related to its price in the short run? In the long run?How do business firms decide whiEbook Macroeconomics (13th edition): Part 2
ch resources to employ and the quantity of each that will be used?What determines the market price of a resource? How do resource prices help a societCHAPTERThe Supply of and Demand forProductive ResourcesIt is.. . necessary to attach price tags to the various factors of production ... in order to g Ebook Macroeconomics (13th edition): Part 2nd sendees supplied by business firms. Our analysis now shifts to resource markets, markets in which firms hire productive resources like machines and workers and use them co produce goods and services. (Note: Because resources are also referred to as factors or inputs, these markets are also known Ebook Macroeconomics (13th edition): Part 2as factor markets or input markets.)As in product markets, the forces of supply and demand combine to determine prices in resource markets. The buyersEbook Macroeconomics (13th edition): Part 2
and sellers in resource markets are just the reverse of what they are in product markets. In resource markets, business firms are the purchasers; theCHAPTERThe Supply of and Demand forProductive ResourcesIt is.. . necessary to attach price tags to the various factors of production ... in order to g Ebook Macroeconomics (13th edition): Part 2The income from supplying productive resources, like the wages received from the sale of labor services, is the major source of income for most of US. Prices in resource markets coordinate the choices of buyers and sellers and bring the amount of each resource demanded into harmony with the amount s Ebook Macroeconomics (13th edition): Part 2upplied. Resource prices also help to channel factors of production into the areas where they are most productive. This enables US to have higher incoEbook Macroeconomics (13th edition): Part 2
mes and a larger supply of consumer goods than would otherwise be the case.As the circular flow diagram of EXHIBIT 1 illustrates, there is a close relCHAPTERThe Supply of and Demand forProductive ResourcesIt is.. . necessary to attach price tags to the various factors of production ... in order to g Ebook Macroeconomics (13th edition): Part 2e Market for ResourcesUntil new, IW haw focused on product markets, in Ml households demand goods and services that are supplied by firms (upper loop). We now turn to resource markets, in which firms demand factors of production—human capital (like the skills and knowledge of workers) and physical c Ebook Macroeconomics (13th edition): Part 2apital (tike machines, buildings, and land) Factors of production are supplied by households in exchange for income (bottom loop) In resource markets,Ebook Macroeconomics (13th edition): Part 2
firms are buyers and households are sellers—just the reverse of the case for product markets.264CHAPTER 12 The Supply of and Demand Jor Pmductn'e KesCHAPTERThe Supply of and Demand forProductive ResourcesIt is.. . necessary to attach price tags to the various factors of production ... in order to g Ebook Macroeconomics (13th edition): Part 2et from the sale of resources gives them the buying power they need to purchase goods and services in product markets. I hese expenditures by households generate revenue and motivate firms to produce goods and services (top loop). In turn, firms demand resources because they contribute to the produc Ebook Macroeconomics (13th edition): Part 2tion of goods and services that can be sold in product markets.!Human and Nonhuman ResourcesBroadly speaking, there are two different types of productEbook Macroeconomics (13th edition): Part 2
ive inputs, nonhuman and human. Nonhuman resources can be further broken down into physical capital, land, and natural resources. Physical capital conCHAPTERThe Supply of and Demand forProductive ResourcesIt is.. . necessary to attach price tags to the various factors of production ... in order to g Ebook Macroeconomics (13th edition): Part 2nhuman resources. However, it involves a cost. Resources used to produce machines, upgrade the quality of land, or discover natural resources could be used to produce goods and services for current consumption instead of invested for the future. Why lake the roundabout path? The answer IS that somet Ebook Macroeconomics (13th edition): Part 2imes indirect methods of producing goods are less costly in the long run. For example. Robinson Crusoe found he could catch more fish by taking some tEbook Macroeconomics (13th edition): Part 2
ime off from hand-fishing to build a net. Even (hough his initial investment of lime to make the net reduced his current catch, once the net was complCHAPTERThe Supply of and Demand forProductive ResourcesIt is.. . necessary to attach price tags to the various factors of production ... in order to g Ebook Macroeconomics (13th edition): Part 2s. An investment will be undertaken only when the decision maker expects the benefits of a larger future output to more than offset the current reduction in the production of consumption goods. Just as the supply of machines can be increased with investment, so. too. can investments in better land d Ebook Macroeconomics (13th edition): Part 2evelopment and soil-conservation practices improve the quantity and quality of usable land. Similarly, the supply of natural resources like oil and gaEbook Macroeconomics (13th edition): Part 2
s. for example, can be increased (to some extent) by making an investment in. or dedicating more resources to. exploration and development.Human resouCHAPTERThe Supply of and Demand forProductive ResourcesIt is.. . necessary to attach price tags to the various factors of production ... in order to g Ebook Macroeconomics (13th edition): Part 2 ingenuity of individuals and thereby increase their productivity. Economists refer to activities like these as investment in human capital.* Like physical capital, human capital also depreciates—people’s skills, for example, can decline with age or lack of use. Education and training will add to th Ebook Macroeconomics (13th edition): Part 2e stock of human capital whereas depreciation detracts from it.Decisions to invest in human capital are no different Ilian other investment decisionsEbook Macroeconomics (13th edition): Part 2
we make. Consider your decision about going to college. As you know, an investment in a college education requires you to sacrifice some current earniCHAPTERThe Supply of and Demand forProductive ResourcesIt is.. . necessary to attach price tags to the various factors of production ... in order to g Ebook Macroeconomics (13th edition): Part 2r job and other benefits later. A rational person will attend college only if the expected future benefits outweigh the current costs.Resource marketsMarkets in which business firms demand factors of pro duction (for example, labor, capital, and natural resources) from household suppliers. The resou Ebook Macroeconomics (13th edition): Part 2rces are then used co produce goods and services.1 hese markets arc sometimes called factor markets or input markets.Nonhuinan resourcesThe durable, nEbook Macroeconomics (13th edition): Part 2
onhtiman inputs used to produce both current and future output. Machines, buildings, land, and raw materials are examples. Investment can increase theCHAPTERThe Supply of and Demand forProductive ResourcesIt is.. . necessary to attach price tags to the various factors of production ... in order to g Ebook Macroeconomics (13th edition): Part 2, and health of human beings that contribute to the production of both current and future output. Investment in ưaining and edu cation can increase the supply of human resources.Investment in human capitalExpenditures on training, education. skill development, and health designed to increase human c Ebook Macroeconomics (13th edition): Part 2apital and people’s productivity."The ccatributkmt of T. w. Schulu ard Gary Becker to lhe literature on hunu* capital ha»c been pMticululy significantEbook Macroeconomics (13th edition): Part 2
See RcoaM c Ehrenberg Ulj Robert s. Snath. Wckirz-rt ix-ihv licawmici: Deary and Public Palkt. ICkh ed. I Reading. MA: Aektiwa Wnk-y. 21)09). ChiplcrCHAPTERThe Supply of and Demand forProductive ResourcesIt is.. . necessary to attach price tags to the various factors of production ... in order to gCHAPTERThe Supply of and Demand forProductive ResourcesIt is.. . necessary to attach price tags to the various factors of production ... in order to gGọi ngay
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