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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 1: Economic Basics | Unit 5: Policies
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Page: 14 of 18
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Because markets are imperfect, government is prompted to intervene with economic policies.- Economic policies are government actions designed to affect economic activity and pursue one or more economic goals.
Policies can take the form of:- Laws passed by legislatures.
- Administrative actions taken by elected executives.
- Rules set forth by government agencies.
- Decisions made through the courts.
The government has four types of policies.- Fiscal policy: Based on government's power to collect taxes from the public and spend those funds as it chooses. Used for income redistribution and macroeconomic performance.
- Monetary policy: Based on government's centralized control of the money supply. Used for macroeconomic performance.
- Regulatory policy: Based on government's ability to enact laws, rules and restrictions. Used for efficiency and equity
- Judicial policy: Based on government's ability to enforce laws through the courts. Used for efficiency and equity
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MARGINAL COST AND MARGINAL PRODUCT The U-shape of the marginal cost curve is closely related to the hump-shape of the marginal product curve. The increasing portion of the marginal product curve corresponds with the decreasing portion of the marginal cost curve. The decreasing portion of the marginal product curve corresponds with the increasing portion of the marginal cost curve. The peak of the marginal product curve corresponds with the minimum of the marginal cost curve.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall trying to buy either a how-to book on home remodeling or a tall storage cabinet with five shelves and a secure lock. Be on the lookout for telephone calls from former employers.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"If I have ever made any valuable discoveries, it has been owing more to patient attention than to any other talent. " -- Isaac Newton, mathematician, physicist
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