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NOT IN THE LABOR FORCE: Anyone who is not classified by the Bureau of Labor Statistics (BLS) as either employed persons or unemployed persons. The combination of employed persons and unemployed persons is the official specification of the civilian labor force, meaning anyone who does not qualify for the civilian labor force is classified as "not in the labor force." This catch-all category is largely comprised of several notable segments of the population, such as young, elderly, homemakers, and military. However, it includes others who are either unwilling or unable to engage in productive activities for assorted reasons.

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Lesson 21: Factor Demand | Unit 2: Derived Demand Page: 9 of 24

Topic: Marginal Productivity Theory <=PAGE BACK | PAGE NEXT=>

  • The marginal productivity theory.

  • Marginal productivity theory states that the demand for a resource or factor of production is based on the marginal (physical) product of the resource input and the marginal revenue of the output produced.
  • A definition...again:

  • Factor demand depends on the quantity output an input can produce and the value of that output.
  • In particular, factor demand depends on two marginals:

    • The productivity of the factor.
    • The revenue generated from production.


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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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WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

TNV
Total Net Value
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