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INCOME: Revenue earned or received by households that can be used for consumption or saving. For the aggregate economy, earned income is termed national income, while received income is termed personal income. The key is that income for the aggregate economy is generated in the production of goods and services.

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Lesson Contents
Unit 1: Intro
  • Factor Market
  • Two Sides
  • Equilibrium
  • Competition
  • Circular Flow
  • Unit 1 Summary
  • Unit 2: Market Control
  • Selling Side
  • Buying Side
  • Monopsony
  • Imperfect Competition
  • Unit 2 Summary
  • Unit 3: Perfect Competition
  • Many Buyers
  • Employment
  • Efficiency
  • Unit 3 Summary
  • Unit 4: Monopsony
  • One Buyer
  • Employment
  • Efficiency
  • Unit 4 Summary
  • Unit 5: Bilateral Monopoly
  • Monopoly
  • Two Sides
  • Four Marginal Curves
  • Employment
  • Unit 5 Summary
  • Course Home
    Factor Market Equilibrium

    My duties for this lesson are to examine how the two sides of the factor market -- factor demand and factor supply -- come together to form the factor market. Like other markets, we are concerned with equilibrium and competition. The analysis of factor markets has an added bonus. It lets us examine market control from the buying side to balance other analysis of market control from the selling side. The cornerstone phrase capturing this buying-side market control is monopsony.

    • The first unit of this lesson, The Foundation, begins by reviewing factor demand and factor supply and seeing how they come together to form the factor market.
    • In the second unit, Market Control, we see how market control on the selling side of a factor market gives rise to assorted market structures, like monopsony.
    • The third unit, Perfect Competition, then takes a look at equilibrium in factor markets that operate under the guidelines of perfect competition.
    • In the fourth unit, Monopsony, we extend the analysis to factor markets with control on the buying side, especially monopsony.
    • The fifth and final unit, Bilateral Monopoly, then analyzes factor markets with monopoly control on the selling side to counter monopsony control on the buying side.

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    QUANTITY SUPPLIED

    The specific quantity of a good that sellers are willing and able to sell at a specific supply price. The key word is "specific." Quantity supplied and supply price form matched pairs--one quantity, one price. The combination of all price-quantity pairs is then what constitutes supply. The supply curve is a plot of the quantity supplied at each supply price.

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    Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for fairy dust that tastes like salt.
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    This isn't me! What am I?

    Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
    "Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keeps friends. It lightens human burdens. It is the direct route to serenity and contentment."

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