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FACTOR SUPPLY CURVE: A graphical representation of the relation between the price to a factor of production and quantity of the factor supplied, holding all ceteris paribus factor supply determinants constant. The factor supply curve is one half of the factor market. The other half is the factor demand curve. The factor supply curve indicates the quantity of a factor that would be supplied at alternative factor prices. While all factors of production, or scarce resources, including labor, capital, land, and entrepreneurship, have factor supply curves, labor is the factor most often analyzed. Like other supply curves, the factor supply curve is generally positively sloped. Higher factor prices are associated with larger quantities supplied and lower factor prices go with smaller quantities supplied.
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FACTOR PRICE: The price paid for and received by the services of factor of productions (labor, capital, land, and entrepreneurship) when exchange through factor markets. Like prices in other markets, factor price adjusts to balance the forces of demand and supply. For factor demand and the factor demand curve, the factor price is negatively related to the quantity of factor services demanded. For factor supply and the factor supply curve, factor price is positively related to the quantity of factor services supplied. The key factor prices are wage rates, interest rates, rents, and profits. The rigidity or inflexibility of factor prices is an important aspect of the macroeconomic study of the short-run aggregate market. See also | wage | interest | rent | profit | labor | capital | land | entrepreneurship | factor price | factor demand | factor supply | factor markets | factors of production | circular flow | business sector | household sector | national income |
Recommended Citation:FACTOR PRICE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 16, 2018].
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AUTOMATIC STABILIZERS Taxes and transfer payments that depend on the level of aggregate production and income such that they automatically dampen business-cycle instability without the need for discretionary policy action. Automatic stabilizers are a form of nondiscretionary fiscal policy that do not require explicit action by the government sector to address the ups and downs of the business cycle and the problems of unemployment and inflation.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for a thesaurus filled with typos.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"Success is more a function of consistent common sense than it is of genius. " -- An Wang, industrialist
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AMW
Average Monthly Wage
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