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BALANCE OF TRADE SURPLUS: An imbalance in a nation's balance of trade in which the payments for merchandise exports received by the country exceed payments for merchandise imports paid by the country. This is also termed a favorable balance of trade. It's considered favorable because more goods are exported out of the country than are imported in, meaning that foreign production is replaced with domestic production, which then increases domestic employment and income. A balance of trade surplus is often the source of a balance of payments surplus.

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Lesson 21: Factor Demand | Unit 3: The Curve Page: 15 of 24

Topic: Factor Demand Curve <=PAGE BACK | PAGE NEXT=>

A few points about this curve.
  1. The factor demand curve is only the negatively-sloped portion of the marginal revenue product curve.

  2. The factor demand curve is negatively sloped because the marginal revenue product curve is negatively sloped, and this is due to the law of diminishing marginal returns.

  3. The factor demand curve stops at the horizontal axis where marginal revenue product is zero.

  4. This factor demand curve is based on the presumption that the firm was able to pay the same wage for each worker ($20 per hour).

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MARGINAL RETURNS

The change in the quantity of total product resulting from a unit change in a variable input, holding all other inputs fixed. Marginal returns is an older and more generic term for marginal product. While marginal product has largely replaced marginal returns in most discussions of short-run production, the phrase does persist in a few terms like the law of diminishing marginal returns.

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