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CARIBBEAN COMMUNITY: The Caribbean Community (CARICOM) is a subregional organization that was established by the Treaty of Chaguaramas signed in 1973 by Barbados, Jamaica, Guyana and Trinidad & Tobago. Currently, the CARICOM has 15 country members all from the Caribbean region and several non-Caribbean countries that serve as external observers. The Community has several objectives like achieving improved standards of living and work, expansion of trade and economic relations with third States, accelerated, coordinated and sustained economic development and convergence, etc.
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Lesson 22: Factor Supply | Unit 3: Factor Supply
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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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POINT ELASTICITY The relative responsiveness of a change in one variable (call it B) to an infinitesimally small change in another variable (call it A). The notion of point elasticity typically comes into play when discussing the elasticity at a specific point on a curve.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"I learned about the strength you can get from a close family life. I learned to keep going, even in bad times. I learned not to despair, even when my world was falling apart. I learned that there are no free lunches. And I learned the value of hard work. " -- Lee Iacocca
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KLIC
Kullback-Leibler Information Criterion
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