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MARGINAL ANALYSIS: A basic technique used in the economics that analyzes small, incremental changes in key variables. The economic obsession with marginal changes exists for at least two reasons. One reason is that many economic decisions made in the real world are made "at the margin." A second reason for using marginal analysis can best be termed analytical sophistication.

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Lesson 22: Factor Supply | Unit 3: Factor Supply Page: 17 of 25

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In this unit, you should have learned about:
  • The three types of supply -- market supply, supply by a firm, and supply to a firm -- and the role supply to a firm has in the analysis of factor markets.
  • The four types of market structures based on market control of the buying-side -- perfect competition, monopsony, monopsonistic competition, and oligopsony.
  • The three notions of factor cost -- total factor cost, average factor cost, and marginal factor cost.
  • The role of market control in the equality or inequality of factor price, average factor cost, and marginal factor cost.
  • The two factor supply curves -- one horizontal, the other positively sloped -- based on no market control or some market control.


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THEORY

An empirically verified, interrelated body of general principles, axioms, and assumptions that is used to explain and understand real world phenomena. Theories are the cornerstone of the scientific method. They generate the hypotheses that are verified against real world data. The construction and refinement of theories, accomplished through the hypothesis verification process, is the primary goal of doing science.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for slightly overweight pizza delivery guys.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
"I do not believe in a fate that will fall on us no matter what we do. I do believe in a fate that will fall on us if we do nothing. "

-- Ronald Reagan, 40th US president

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