|
|
MAJORITY RULE: A voting rule in which decisions are made based on the majority of those casting a vote. That is, the candidate or program receiving the majority of the votes is the winner. The majority is defined as one vote more than fifty percent of the total number of votes cast. If 100 votes are cast, the majority is 51 votes. If 100 million votes are cast, the majority is 50 million and one (50,000,001). This is perhaps the most common of several voting rules. Others include super majority, unanimity, and plurality.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 22: Factor Supply | Unit 1: Background
|
Page: 6 of 25
|
In this unit, you should have learned about:- The notion of factor supply, which involves the quantity of productive resources that are offered for sale at different factor prices.
- The four basic factor payments -- wage, interest, rent, and profit -- used to compensate factors of production for their productive services.
- The four basic factors of production that are supplied by their owners -- labor, capital, land, and entrepreneurship.
- Factor markets, which combine factor supply and factor demand.
- That factor markets are used to exchange the services of the four resources.
- The role factor markets play in the overall economy as seen through the circular flow.
|
|
|
|
|
|
|
PRIVATE PROPERTY An economic institution in which goods, resources, commodities, or other assets (property) are owned and controlled by households and businesses (the private sector) rather than government (the public sector). Private property is a key institution, along with individual freedom and competitive markets, that helps to form the structure of capitalism.
Complete Entry | Visit the WEB*pedia |
|
|
BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for the happiest person in the room.
Your Complete Scope
This isn't me! What am I?
|
|
|
The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
|
|
|
"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
|
|
APC
Average Propensity to Consume
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
