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FACTORS OF PRODUCTION: The four basic factors used to produce goods and services in the economy--labor, capital, land, and entrepreneurship. These are also called resources or scarce resources. The term "factors of production" is quite descriptive of the function these "resources" perform. Labor, capital, land, and entrepreneurship are the four "factors" or items use in the "production" of goods and services. So there you have it "factors" of "production."
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Lesson 21: Factor Demand | Unit 2: Derived Demand
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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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AVERAGE REVENUE CURVE, MONOPOLY A curve that graphically represents the relation between average revenue received by a monopoly for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopoly's output.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for rusty deck screws.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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WLS
Weighted Least Squares
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