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FACTOR MARKET: A market used to exchange the services of a factor of production: labor, capital, land , and entrepreneurship. Factor markets, also termed resource markets, exchange the services of factors, NOT the factors themselves. For example, the labor services of workers are exchanged through factor markets NOT the actual workers. Buying and selling the actual workers is not only slavery (which is illegal) it's also the type of exchange that would take place through product markets, not factor markets. More realistically, capital and land are two resources than can be and are legally exchanged through product markets. The services of these resources, however, are exchanged through factor markets. The value of the services exchanged through factor markets each year is measured as national income.

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Lesson 3: Scarcity | Unit 1: The Concept Page: 1 of 17

Topic: A Definition <=PAGE BACK | PAGE NEXT=>

  • Scarcity is the pervasive condition that exists because society has unlimited wants and needs, but limited resources used for their satisfaction.
Meaning:
  • We can't have everything because resources are limited.
Unlimited wants and needs are half of the scarcity problem.
  • Unlimited wants and needs are what motivate us to take action, to produce goods, and to advance our well-being.
  • We are motivated to do things that satisfy these wants and needs. Satisfaction is achieved when wants and needs are fulfilled.
  • Scarcity results because wants and needs are unlimited. No one has ever been completely satisfied. We always want more.

Limited resources are the other half of our scarcity problem.

  • Resources are the stuff that we use to produce the goods that fulfill our wants and needs.
  • Resources are the things that make satisfaction possible.
  • Resources are limited. We have only so much 'stuff' than can be used to produce the goods that satisfy our wants and needs.

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SHUTDOWN RULE

A rule stating that a firm minimizes economic loss by producing no output in the short run if price is less than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and loss minimization (if price is less than average total cost but greater than average variable cost).

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either yellow cotton balls or a set of steel-belted radial snow tires. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?

The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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