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TANSTAAFL: A rather cumbersome and usually hard to remember acronym for the expression "There ain't no such thing as a free lunch. This is a favorite saving of many economists because it highlights, albeit in a grammatically questionable manner, the fundamental problem of scarcity. The phrase serves to emphasize that seemingly "free" lunches are not really free. While they might be free to the customer, someone must pay, that is, incur an opportunity cost of foregone production. The lunch eaten by one person cannot be eaten by another.
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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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AGGREGATE DEMAND DECREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by a decrease in aggregate demand, resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the short-run aggregate market results in a decrease in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for telephone calls from long-lost relatives.
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Lombard Street is London's equivalent of New York's Wall Street.
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"Enthusiasm is the greatest asset in the world. It beats money and power and influence. It is no more or less than faith in action. " -- Henry Chester, Writer
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E
Employment
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