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FACTOR DEMAND CURVE: A graphical representation of the relationship between the price to a factor of production and quantity of the factor demanded, holding all ceteris paribus factor demand determinants constant. The factor demand curve is one half of the factor market. The other half is factor supply. The factor demand curve indicates the quantity of a factor that would be demanded at alternative factor prices. While all factors of production, or scarce resources, including labor, capital, land, and entrepreneurship, have factor demand curves, labor is the factor most often analyzed. Like other demand curves, the factor demand curve is negatively sloped. Higher factor prices are associated with smaller quantities demanded and lower factor prices go with larger quantities demanded.
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REAL GROSS DOMESTIC PRODUCT The total market value, measured in constant prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that real gross domestic product is measured in constant prices, the prices for a specific base year. Real gross domestic product, also termed constant gross domestic product, adjusts gross domestic product for inflation. A contrasting measure is nominal gross domestic product, which does not adjust for inflation.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for door-to-door salesmen.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Old minds are like old horses; you must exercise them if you wish to keep them in working order. " -- John Adams, 2nd US president
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IS-LM
Investment/Saving-Liquidity/Money
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