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FACTOR MARKET ANALYSIS: An analysis of the structure and equilibrium determination of markets that exchange the services of productive resources. This analysis highlights principles and concepts that tend to be most commonly associated with factor markets (also termed resource markets), including monopsony and bilateral monopoly. Marginal revenue product is a key concept on the demand side of the factor market. Marginal factor cost is a key concept on the supply side of the factor market.
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Lesson Contents
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Unit 1: Introduction |
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Unit 2: Objectives |
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Unit 3: Legal Types |
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Unit 4: U.S. Firms |
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Unit 5: The Bigger Picture | |
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The Firm
This lesson investigates the nature of firms, especially those in the U.S. economy, including what they are, what they do, and how they operate. Paying careful attention to this lesson is no guaranteed that Duncan will end up with a multi-billion dollar "dot-com" business, but it won't hurt. - The first unit of this lesson, Organizing Production, gets us started with an overview of what firms are and their primary function in the economy -- which is production.
- In the second unit, Objectives, we take a closer look at what motivates firms, especially the pursuit of profit.
- The third unit, Legal Types, examines the most common legal forms of business firms, including proprietorships, partnerships, and corporations.
- The fourth unit, U.S. Firms, investigates firms in the United States by the numbers -- including how many, what they are, what they produce.
- The fifth and final unit, The Bigger Picture, then closes this lesson by discussing the role firms play in the grand economic scheme of things.
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KEYNESIAN MODEL A macroeconomic model based on the principles of Keynesian economics that is used to identify the equilibrium level of, and analyze disruptions to, aggregate production and income. This model identifies equilibrium aggregate production and income as the intersection of the aggregate expenditures line and the 45-degree line. The Keynesian model comes in three basic variations designated by the number of macroeconomic sectors included--two-sector, three-sector, and four sector. The Keynesian model is also commonly presented in the form of injections and leakages in addition to the standard aggregate expenditures format. This model is used to analyze several important topics and issues, including multipliers, business cycles, fiscal policy, and monetary policy.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
Your Complete Scope
This isn't me! What am I?
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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PRO RATA
According to the Rate (Latin)
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