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GEOGRAPHIC MOBILITY: The mobility, or movement, of factors of production from a productive activity in one location to a productive activity in another location. In particular, geographic mobility is the ease with which resources can change locations. For example, a worker leaves a job in one city and takes a job in another city. Some factors are highly mobile and thus are easily moved between cities, states, and even countries. Other factors are highly immobile and not easily relocated. You might want to compare geographic mobility with occupation mobility, the movement of factors from one type of productive activity to another type of productive activity.

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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP Page: 9 of 25

Topic: Home Production <=PAGE BACK | PAGE NEXT=>

Chunk C also is economic production that does NOT involve market transactions.

It includes household productive activities, such as cooking, cleaning, home repairs, and entertainment.

  • Hiring others for these tasks would be market transactions included in GDP.
  • If tasks are done personally, without pay, there is no market transaction and no record of production.
  • While information needed to estimate the value of household production could be collected, it might be more trouble than it's worth.

Chunk C is excluded from GDP.


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AVERAGE FACTOR COST, PERFECT COMPETITION

Total factor cost per unit of factor input employed by a perfectly competitive firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.

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Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for letters from the Internal Revenue Service.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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