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15 Cards in this Set

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  • Back
What causes ND to shift?
A change in MP labor, technical change, or capital formation.
If prodution function A(t0) shifts, then _____________ will also shift
Acutal Savings (Sq)
If actual savings shifts (sq) then _______________ Does not shift.
Production function A(t0)
A(t0)
Production function
nK
required savings
q
Y
-
N
output per worker
Sq
actual savings
W
-
P
Real Wage
What causes Ns to shift?
consumers' tastes and preferences. or size of labor force changes.
What causes productin function A(t0) to shitf?
technology improvement
What causes actual savings (Sq) to shift?
decrease or increase in rate of savings OR a shift in the production function
What causes required savings (nK) to shift
Change in rate of growth of labor force (n)
N
level of employment
Nd
Labor Demand
Ns
Supply Demand