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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.

 RED AGGRESSERINE[What's This?] 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.Your Complete Scope
 Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
 "It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."-- Elizabeth Stuart Phelps, Writer
 LCHLife Cycle Hypothesis
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