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TOTAL PRODUCT: The total quantity of output produced by a firm for a given quantity of inputs. Total product is the foundation upon which the analysis of short-run production for a firm is analyzed. The usual framework is to analyze total product when in a variable input (labor) changes, for a given amount of a fixed input (capital). Two related concepts derived from total product are average product and marginal product.
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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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FEDERAL FUNDS MARKET A financial market used by commercial banks and other depository institutions regulated by the Federal Reserve System to lend and borrow Federal funds (Federal Reserve deposits). The interest rate charged for lending through the Federal funds market is the Federal funds rate.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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AGI
Adjusted Gross Income
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