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IMMIGRATION: Migration that enters one country from another country. Immigration is usually seen as a problem for existing citizens of nation because--(1) the supply of labor increases, which tends to lower wages, (2) there's a greater demand for public services, which causes taxes to rise, and (3) the culture of immigrants is usually different, which creates all sorts of social conflicts. However, immigration can also be beneficial because--(1) the additional labor is a source of economic growth, (2) the immigrants might be willing to do some jobs that wouldn't be performed otherwise, and (3) some goods can produced at lower cost. Compare emigration.
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Lesson 21: Factor Demand | Unit 3: The Curve
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Page: 16 of 24
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In this unit, you should have learned about:- The marginal revenue product schedule, which presents the relation between marginal revenue product, marginal physical product, and the quantity of input.
- How the marginal revenue product is derived from the marginal revenue product schedule.
- That the marginal revenue product curve is negatively-sloped due to the law of diminishing marginal returns.
- The hiring decision by a firm is based on a comparison between marginal revenue product and the wage.
- How the factor demand curve can be derived from the marginal revenue product curve.
- That the factor demand curve is negatively-sloped due to the law of diminishing marginal returns.
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VALUE ADDED The increase in the value of a good at each stage of the production process. The "value" part of this phrase means the ability of a good to satisfy wants and needs either directly as a consumption good or indirectly as a capital good. The "added" part means that resources have transformed the good in the course of production, to make it more valuable. A good that provides greater satisfaction has greater value.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet hoping to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for pencil sharpeners with an attitude.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects. " -- Alexis de Tocqueville, statesman, author
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VIR
Variable Interest Rate
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