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WAGE: A factor payment to the owner of labor for using labor services in the production of goods and services. Wages are included in the National Income and Product Accounts maintained by the Bureau of Economic Analysis under the official title compensation of employees. Wages is the largest of the four factor payments, accounting for about 70% of the income earned by the household sector. The other factors of production (and their corresponding resource) are: interest (capital), rent (land), and profit (entrepreneurship).

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Lesson Contents
Unit 1: Background
  • Doing Supply
  • Factor Payments
  • Factors of Production
  • Factor Markets
  • Circular Flow
  • Unit 1 Summary
  • Unit 2: Resources
  • Alike But Different
  • Labor: Satisfaction And Leisure
  • Capital: Financial And Physical
  • Land: Space And Materials
  • Entrepreneurship: Risk
  • Unit 2 Summary
  • Unit 3: Factor Supply
  • Supply Times Three
  • Market Control Times Four
  • Factor Cost Times Three
  • Supply Curves Times Two
  • Unit 3 Summary
  • Unit 4: Determinants
  • The Old Standards
  • Mobility
  • Geographic Mobility
  • Occupational Mobility
  • Unit 4 Summary
  • Unit 5: Taking Stock
  • Review
  • Preview
  • Unit 5 Summary
  • Course Home
    Factor Supply

    • The first unit of this lesson, Background, begins by laying the foundation for factor markets and factor supply.
    • In the second unit, Resources, we examine specific supply considerations for the alternative factors of production.
    • The third unit, Cost And Supply, then takes a look at the three key factor cost concepts -- total, average, and marginal.
    • In the fourth unit, Determinants, we examine the key determinants that shift the factor supply curve, especially mobility.
    • The fifth and final unit, Taking Stock, then closes this lesson with a review of factor supply and a preview of factor market analysis to come.

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    MARKET FOR LEMONS

    A market adversely selects only lower quality products for exchange. The market for lemons is an illustration of adverse selection that results from asymmetric information. In this market, because buyers have limited information they offer an average price based on the average quality of the goods. Sellers, however, with better information select to sell lower quality products but not higher quality ones. Two methods of address this problem are signalling and screening. Two related information problems are moral hazard and the principal-agent problem.

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