Share This Article:

Economic Definition of aggregate supply determinant resource quality. Defined.

Offline Version: PDF

Term aggregate supply determinant resource quality Definition: One of three categories of aggregate supply determinants assumed constant when the short-run or long-run aggregate supply curves are constructed, and which shifts both aggregate supply curves when it changes. An increase in a resource quality causes an increase (rightward shift) of both aggregate supply curves. A decrease in a resource quality causes a decrease (leftward shift) of both aggregate supply curves. The other two categories of aggregate supply determinants are resource quantity and resource price. Specific determinants falling into this general category include education and technology. Anything affecting the quality of labor, capital, land, and entrepreneurship is also included.

 

« resource prices | aggregate supply determinant resource quantity »

Permalink: https://glossary.econguru.com/economic-term/resource+quality,+aggregate+supply+determinant

Alphabetical Reference to Over 2,000 Economic Terms