Google
Friday 
July 11, 2025 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
TOTAL FACTOR COST: The opportunity cost incurred when using a given factor of production to produce a good or service. Total factor cost should be compared with the related term, total cost. Total factor cost is the cost of using a specific factor, total cost is the cost of all factors of production. Total factor cost is predominately used in the analysis of the factor market.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

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.


Course Home | Lesson Menu | Page Back | Page Next

FALLACIES

Logical errors in an argument or evaluation of a policy. The six common fallacies that surface in economic analysis are: false cause, personal attack, division, composition, false authority, and mass appeal. These fallacies are most troublesome because, although false, they seem correct, especially when used by slick-talking, charismatic people (politicians) or when the fallacies support preconceived notions or fundamental beliefs.

Complete Entry | Visit the WEB*pedia


APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time surfing the Internet seeking to buy either a how-to book on fixing your computer, with illustrations or several magazines on computer software. Be on the lookout for defective microphones.
Your Complete Scope

This isn't me! What am I?

The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"If anything terrifies me, I must try to conquer it. "

-- Francis Charles Chichester, yachtsman, aviator

CPS
Current Population Survey (US)
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2025 AmosWEB*LLC
Send comments or questions to: WebMaster