What's it: Physical capital refers to man-made means to aid production. Economists classify it as a factor of production. Examples of physical capital are buildings, vehicles, machinery, and equipment. You can find the components in
Aggregate Supply
Short-Run Aggregate Supply: Meaning, Its curve and Determinants
What's it: Short-run aggregate supply refers to aggregate output when some costs are variable. However, wages and some other input costs are inflexible and do not fully adapt to the price level changes. When the price level rises,
Labor Productivity: Meaning, Effects, How to Calculate and Increase It
What's it: Labor productivity refers to the output a worker can produce. It applies to a company, industry, or economy. To calculate it, you can compare the quantity output with workers or hours worked. Calculating labor
Aggregate Supply: Meaning, Determinants
Aggregate supply (AS) is the total production of goods and services in the economy. In macroeconomics, aggregate supply will behave differently in the very short run, short run, and long term, as reflected in the elasticity of its
Aggregate Supply: Meaning, Determinants
Aggregate supply (AS) is the total production of goods and services in the economy. In macroeconomics, aggregate supply will behave differently in the very short run, short run, and long term, as reflected in the elasticity of its