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September 19, 2021 

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ABSTRACTION: Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is often criticized because it's, well, it's JUST NOT REALISTIC. However, when done correctly (ignoring things that JUST DON'T MATTER), then the pursuit of knowledge is greatly enhanced by abstraction. For example, when travelling cross country along a high-speed interstate highway, a paper road map is a handy tool. It shows towns and cities along the way, the major intersections, rest stop locations, and other important points of interest. However, it ignores unimportant details. It doesn't realistically show the location of every tree, bush, or blade of grass. Why bother? This information won't enhance your road trip.

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Lesson Contents
Unit 1: Factor Markets
  • Getting Paid
  • Trading Resources
  • Resources
  • Factor Payments
  • Circular Flow
  • Unit 1 Summary
  • Unit 2: Derived Demand
  • Factor Demand
  • A Few Issues
  • Marginal Productivity Theory
  • Three (Or Four) Marginals
  • Unit 2 Summary
  • Unit 3: The Curve
  • Marginal Revenue Product Schedule
  • Marginal Revenue Product Curve
  • The Hiring Decision
  • Factor Demand Curve
  • Unit 3 Summary
  • Unit 4: Determinants
  • Shifting Demand
  • Product Demand
  • Factor Productivity
  • Other Prices
  • Unit 4 Summary
  • Unit 5: Taking Stock
  • Review
  • Preview
  • Unit 5 Summary
  • Course Home
    Factor Demand

    • The first unit of this lesson, Background, begins this lesson by laying the foundations for the study of factor demand.
    • In the second unit, Derived Demand, we see how the demand for a factor of production is based on the demand for the good it produces.
    • The third unit, The Curve, then derives the factor demand curve, which is the relation between the price employers are willing to pay and the quantity demanded.
    • In the fourth unit, Determinants, we examine the three key determinants that shift the factor demand curve -- product price, factor productivity, and other factor prices.
    • The fifth and final unit, Taking Stock, then closes this lesson with a review of factor demand and a preview of factor market analysis in other lessons.

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