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TARIFFS: Taxes that are usually on imports, but occasionally (very rarely) on exports. This is one form of trade barrier that's intended to restrict imports into a country. Unlike nontariff barriers and quotas which increase prices and thus revenue received by domestic producers, a tariff generates revenue for the government. Most pointy-headed economists who spend their waking hours pondering the plight of foreign trade contend that the best way to restrict trade, if that's what you want to do, is through a tariff.

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Lesson 21: Factor Demand | Unit 2: Derived Demand Page: 11 of 24

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In this unit, you should have learned about:
  • That factor demand is derived demand, meaning it is derived from the demand for the output produced by the factor.
  • A few of the issues that involve the derived demand for a factor include the income of medical doctors versus economic doctors, the salaries of professional athletes, and the farm problem.
  • That marginal productivity theory indicates how firms employ resources based on productivity of the input and the value of the output.
  • The relation between marginal (physical) product, marginal revenue, and marginal revenue product.


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ECONOMIC SYSTEM

The assorted institutions that society uses to answer the three basic questions of allocation and address the fundamental problem of scarcity. Another, more popular term for economic system is economy. An economy, or economic system, is the structural framework in which households, businesses, and governments undertake the production and consumption decisions that allocate limited resources to satisfy unlimited wants and needs.

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a handcrafted spice rack or a cell phone case. Be on the lookout for cardboard boxes.
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This isn't me! What am I?

During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
"The only place success comes before work is in the dictionary. "

-- Vince Lombardi

CRRA
Constant Relative Risk Aversion
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