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FACTOR DEMAND CURVE: A graphical representation of the relationship between the price to a factor of production and quantity of the factor demanded, holding all ceteris paribus factor demand determinants constant. The factor demand curve is one half of the factor market. The other half is factor supply. The factor demand curve indicates the quantity of a factor that would be demanded at alternative factor prices. While all factors of production, or scarce resources, including labor, capital, land, and entrepreneurship, have factor demand curves, labor is the factor most often analyzed. Like other demand curves, the factor demand curve is negatively sloped. Higher factor prices are associated with smaller quantities demanded and lower factor prices go with larger quantities demanded.

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Lesson 4: Production Possibilities | Unit 4: Analysis Page: 14 of 24

Topic: Full Employment <=PAGE BACK | PAGE NEXT=>

We can use production possibilities to illustrate the full employment condition.
  • Full employment is the condition that exists when all available resources are engaged in the production of goods and services.
  • Full employment can be interpreted as any bundle that places the economy ON the production possibilities curve, including D and J.
  • L does not fully employ all resources.
  • M is not attainable.

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MONOPOLISTIC COMPETITION, ADVERTISING

Advertising is commonly used by firms operating under monopolistic competition as a way to create product differentiation and thus to acquire some degree of market control and thus charge a higher price.

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for gnomes hiding in cypress trees.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"It is not fair to ask of others what you are unwilling to do yourself. "

-- Eleanor Roosevelt, diplomat, activist

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