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KEYNESIAN CROSS: The standard diagram used in Keynesian economics to identify the equilibrium level of aggregate output (that is, gross domestic product), with aggregate expenditures measured on the vertical axis, and aggregate output measured on the horizontal axis. This diagram contains two key lines, the aggregate expenditure line and the 45-degree line. Intersection between these lines indicates equilibrium aggregate output. This intersection, or cross, is what gives rise to the name.
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Lesson 21: Factor Demand | Unit 1: Factor Markets
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Page: 1 of 24
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- The definition of wage.
- A wage is a payment to the owner of labor for using labor services in the production of goods and services.
- The key phrase in this definition is "production of goods and services."
- While it's probably obvious that a factory job involves production, this is not always the case.
- However, anybody engaged in the "production of goods and services" is prone to receive a wage.
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BARRIERS TO ENTRY Institutional, government, technological, or economic restrictions on the entry of participants into a market or industry. The four primary barriers to entry are: (1) resource ownership, (2) patents and copyrights, (3) government restrictions, and (2) start-up cost. Barriers to entry are a key reason for market control and the inefficiency that results. In particular, monopoly, oligopoly, monopsony, and oligopsony often owe their market control to assorted barriers to entry. By way of contrast, perfect competition, monopolistic competition, and monopsonistic competition have few if any barriers to entry and thus little or no market control.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet hoping to buy either a large stuffed brown and white teddy bear or a replacement washer for your kitchen faucet. Be on the lookout for fairy dust that tastes like salt.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"When the solution is simple, God is answering." -- Albert Einstein
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JE
Journal of Econometrics
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