• Gerd Weyer

Factors of Economic Output

All economic output has only two inputs, labor, and natural resources. People spend time locating, extracting, and transforming natural resources into goods and services. The opportunity to pursue happiness increases when it takes less time to locate, extract, and transform natural resources into goods and services. Follow for additional posts.

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Increasing Productivity

The opportunity to pursue happiness increases with time for leisure and the capacity to purchase goods and services. The only way to simultaneously increase leisure and the capacity to purchase is by

Relative Income

Individual capacity to purchase goods and services depends on per capita economic output and relative income from the sum of wages, compensation, and transfer. There are a certain number of goods and

Long Term vs Short Term Economic Output

It is relatively easy to increase economic output in the short-term; borrow and spend more. Borrowing $100,000 and purchasing a productivity improving excavator or a leisure enhancing RV causes GDP to