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NOMINAL GDP: The total market value, measured in current prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that nominal gross domestic product is measured in current, or actual prices; the prices buyers actually pay for goods and services purchased. Nominal gross domestic product is also termed current gross domestic product.

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Lesson 21: Factor Demand | Unit 3: The Curve Page: 16 of 24

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

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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CLASSICAL ECONOMICS

A theory of economics, especially directed toward macroeconomics, based on the unrestricted workings of markets and the pursuit of individual self interests. Classical economics relies on three key assumptions--flexible prices, Say's law, and saving-investment equality--in the analysis of macroeconomics. The primary implications of this theory are that markets automatically achieve equilibrium and in so doing maintain full employment of resources without the need for government intervention. Classical economics emerged from the foundations laid by Adam Smith in his book An Inquiry into the Nature and Causes of the Wealth of Nations, published in 1776. Although it fell out of favor in the 1930s, many classical principles remain important to modern macroeconomic theories, especially aggregate market (AS-AD) analysis, rational expectations theory, and supply-side economics.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time at a flea market wanting to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?

Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"All things are difficult before they are easy."

-- Thomas Fuller, Physician

MFC
Marginal Factor Cost
A PEDestrian's Guide
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