Economic Definition of aggregate supply determinant resource quantity. Defined.
Offline Version: PDF
Term aggregate supply determinant resource quantity Definition: One of three categories of aggregate supply determinants assumed constant when the short-run and long-run aggregate supply curves are constructed, and which shifts both aggregate supply curves when it changes. An increase in a resource quantity causes an increase (rightward shift) of both aggregate supply curves. A decrease in a resource quantity causes a decrease (leftward shift) of both aggregate supply curves. The other two categories of aggregate supply determinants are resource quality and resource price. Specific determinants falling into this general category include population, labor force participation, capital stock, and exploration. Anything affecting the quantity of labor, capital, land, and entrepreneurship is also included.
« aggregate supply determinant resource quality | resources »
Permalink: https://glossary.econguru.com/economic-term/resource+quantity,+aggregate+supply+determinant