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June 23, 2018 

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OCCUPATIONAL SAFETY AND HEALTH ADMINISTRATION: An agency of the U. S. Department of Labor, established in 1970, that's charged with regulating workplace safety and job-related worker health. It has the authority to imposed health and safety rules and, much to the displeasure of businesses, inspect workplaces to ensure that the rules are followed. Some (second estate) critics argue of their rules are unneeded, overzealous, and counter-productive. Other (third estate) critics say that their rules are neither stringent enough nor adequately enforced.

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DERIVED DEMAND: The notion that the demand for a factor or production, an input used in the production of a good, depends on the demand for the output being produced. This concept highlights the two key aspects of factor demand. One is that factor demand depends on the value of the good being produced. Inputs that produce more valuable outputs are themselves more highly valued. Two is that factor demand depends on the productivity of the input. Inputs that produce more output are themselves more highly valued.

     See also | factors of production | factor markets | resources | labor | capital | land | natural resources | entrepreneurship | demand | marginal product |


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DERIVED DEMAND, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: June 23, 2018].


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VARIABLE INPUT

An input whose quantity can be changed in the time period under consideration. The most common example of a variable input is labor. Variable inputs provide the means used by a firm to control short-run production. The alternative to variable input is fixed input. A fixed input, like capital, provides the capacity constraint in production. As larger quantities of a variable input, like labor, are added to a fixed input like capital, the variable input becomes less productive, which is the law of diminishing marginal returns.

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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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