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PATERNALISM: A fundamental philosophical viewpoint that the private sector (households and businesses) needs to be watched over--like a parent--by the public sector (government). In other words, members of society need to be watched over, cared for, and kept out of trouble, like parents watch over, care for, and keep their children out of trouble. This philosophy of paternalism should be contrasted directly with the philosophy of laissez faire, which essentially says "Hey, we're all grown ups here, we can make our own decisions."
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Lesson 21: Factor Demand | Unit 2: Derived Demand
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Page: 10 of 24
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Topic:
Three (Or Four) Marginals
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- A review:
- Marginal product is the change in the quantity of output produced resulting from a change in the quantity of the factor input used.
- Marginal product measures the physical productivity of a given unit of input.
- Marginal revenue is the change in the total revenue resulting from a change in the quantity of the output produced.
- The combination of marginal (physical) product and marginal revenue leads to the fourth marginal concept:
- Marginal revenue product is the change in the revenue received by a firm resulting from a change in the quantity of the factor input used.
- Marginal revenue product indicates the value of the output produced by an input.
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SEVENTH RULE OF COMPLEXITY The seventh of seven basic rules of the economy, stating that every action in the complex world has direct and often intended consequences combined with indirect and probably unintended effects.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"If anything terrifies me, I must try to conquer it. " -- Francis Charles Chichester, yachtsman, aviator
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M2
M1 plus savings types of near monies, including savings deposits, certificates of deposits, money market deposits, repurchase agreements, and Eurodollars
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