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FACTOR DEMAND AND MARGINAL REVENUE PRODUCT: For a firm that hires the services of a factor in a perfectly competitive factor market, the factor demand curve is that portion of the marginal revenue product curve that lies below the average revenue product curve. The relation between marginal revenue product and factor demand for a perfectly competitive firm is comparable to the relation between marginal cost and short-run supply. A perfectly competitive firm maximizes profit by hiring the quantity of a factor that equates factor price and marginal revenue product. As such, the firm moves along it's marginal revenue product curve in response to alternative factor prices.

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Lesson 17: Money | Unit 4: Money's History Page: 19 of 25

Topic: Metal Commodity Money <=PAGE BACK | PAGE NEXT=>

Metals are a natural for use as a commodity money.
  • The most important characteristic of metals is durability.
  • Some people erroneously think that metals and only metals are true money.

Metals:

  • They are extremely durable, quite divisible, relatively easy to transport and difficult to counterfeit.
  • They are not perfect.

Drawbacks:

  • Transportability: Metals are heavy.
  • Value in use affects value in exchange: A change in the market price brought by disruptions of the market, affect value in exchange and can play havoc with the economy.

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FACTORS OF PRODUCTION

Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Factors of production are also termed resources or scarce resources.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for fairy dust that tastes like salt.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"Man is born to live, not to prepare for life. "

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