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WANTS AND NEEDS: These are the unfulfilled desires that motivate human behavior and that when satisfied improve human well-being. They include both physiological or biological requirements for maintaining life (needs) and the psychological desires which make life more enjoyable (wants). However, when push comes to shove, and the nitty gets down to the gritty, it matters very little to markets if people need goods or want goods, so long as they are motivated to buy the goods to satisfy wants and needs.
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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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MARKET EQUILIBRIUM, GRAPHICAL ANALYSIS An analysis of market equilibrium using a graph that combines a demand curve and a supply curve. A graphical analysis of the market is used to ascertain information such as market equilibrium, equilibrium price, equilibrium quantity, shortage, and surplus. This is one of two basic methods of analyzing market equilibrium. The other is a numerical analysis using demand and supply schedules.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for a thesaurus filled with typos.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"The past cannot be changed. The future is yet in your power. " -- Hugh White, U.S. Senator
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NYBOR
New York Interbank Offered Rate
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