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BUREAUCRAT: Someone who works in a bureaucracy. Usually the term bureaucrat is used as a deregulatory, even profane, description of a government employee (such as "that dirty faceless bureaucrat"), indicating that the person would need serious genetic restructuring to be included in the human race. Closer genetic inspection (and the theory of public choice), however, indicates that the real culprit is complex bureaucracies and the rules under which they operate.
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Lesson Contents
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Unit 1: Factor Markets |
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Unit 2: Derived Demand |
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Unit 3: The Curve |
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Unit 4: Determinants |
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Unit 5: Taking Stock | |
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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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L A broad monetary measure that combines M3 plus several liquid assets, including commercial paper, U.S. Treasury bills, savings bonds, and bankers' acceptances. L used to be tracked and reported by the Federal Reserve System along with M1, M2, and M3. However, L is no longer reported.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"Democracy is based on the conviction that man has the moral and intellectual capacity . . . to govern himself with reason and justice. " -- Harry Truman, 33rd U.S. president
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WIPO
World Intellectual Property Organization
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