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CAPITALISM: A type of economy based on -- (1) private ownership of most resources, goods, and other stuff (private property); (2) freedom to generally use the privately-owned resources, goods, and other stuff to get the most wages, rent, interest, and profit possible; and (3) a system of relatively competitive markets. While government establishes the legal "rules of the game" for capitalism and provides assorted public goods, like national defense, education, and infrastructure, most production, consumption, and resource allocation decisions are left up to individual businesses and consumers. The term capitalism is derived from the notion that capital goods are under private, rather than government, ownership (compare communism, socialism.
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Lesson 21: Factor Demand | Unit 1: Factor Markets
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Page: 6 of 24
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In this unit, you should have learned about:- The composition of wages paid for labor, including monetary payment and psychological rewards.
- How factor markets deal with all four resource categories -- labor, capital, land, and entrepreneurship.
- How factor markets exchange the services of resources and not the actual resources.
- A review of the four resource categories -- labor, capital, land, and entrepreneurship.
- The four payments that correspond to the four resource categories -- wage, interest, rent, and profit.
- The role factor (or resource) markets play in the circular flow model of the economy.
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VARIABLE COST In general, cost that changes with changes in the quantity of output produced. More specifically, variable cost is combined with the adjectives "total" and "average" to indicate the overall level of variable cost or the per unit variable cost. Variable cost depends on the amount produced. If there is no production, then there is no variable cost.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either a tall storage cabinet with five shelves and a secure lock or a birthday greeting card for your grandmother. Be on the lookout for cardboard boxes.
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This isn't me! What am I?
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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RJE
RAND Journal of Economics
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