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A POSTERIORI: A conclusion reached through logical reasoning based on facts and observations about the real world. This notion is closely related to the scientific verification of hypotheses and the identification of principles. A similar sounding, but opposite term is a prior, which is a unverified presumption made before an analysis is undertaken. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.

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Lesson 21: Factor Demand | Unit 4: Determinants Page: 17 of 24

Topic: Shifting Demand <=PAGE BACK | PAGE NEXT=>

  • The ceteris paribus determinants of factor demand.

  • Factor demand determinants are three ceteris paribus items that affect factor demand, but which are assumed constant when a factor demand curve is constructed. Changes in any one causes a shift of the factor demand curve.
  • What are the factor demand determinants?

    • Product Demand
    • Factor Productivity
    • Other Prices

  • How do they affect the factor demand curve?

    The factor demand curve, like any other curve, can shift in one of two ways:

    • An increase in factor demand is seen as a rightward shift of the factor demand curve.

    • A decease in factor demand is seen as a leftward shift of the factor demand curve.


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CARDINAL UTILITY

The notion that utility--the satisfaction of wants and needs achieved through the consumption of goods and services--can be measured with numerical values (1, 2, 3, etc.) that are based on a benchmark scale. Cardinal utility presumes that satisfaction is a measurable characteristic of a person, like height or weight. The contrasting notion is ordinal utility, which is based on a ranking of preferences.

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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for attractive cable television service repair people.
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