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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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DURABLE GOOD: A good bought by consumers that tends to last for more than a year. Common examples are cars, furniture, and appliances. Durable goods play an important role in the business cycle. During a business cycle recession, consumers tend to put off buying durable goods, hoping that the ones they already have will last until the economy improves. This lack of durable good purchases by consumers, though, contributes to the length and severity of a recession because durable good producers are then forced to reduce output and lay off workers. An important part of a business cycle recovery is then an increase in durable goods purchases.

     See also | business cycle | recession | expansion | recovery | nondurable |


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LAW

A generally accepted, verified, proven, fundamental scientific relation. A law is a scientifically certified, thoroughly verified, cause-and-effect relation about the workings of the world. It has been tested and retested through the scientific method. The law of demand, law of increasing opportunity cost, and law of diminishing marginal utility are three fundamental (and extremely important) economic laws of nature.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either a tall storage cabinet with five shelves and a secure lock or a birthday greeting card for your grandmother. Be on the lookout for strangers with large satchels of used undergarments.
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