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ABSOLUTE POVERTY: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer relative poverty.
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Lesson 21: Factor Demand | Unit 4: Determinants
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Page: 17 of 24
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- 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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MARGINAL RETURNS The change in the quantity of total product resulting from a unit change in a variable input, holding all other inputs fixed. Marginal returns is an older and more generic term for marginal product. While marginal product has largely replaced marginal returns in most discussions of short-run production, the phrase does persist in a few terms like the law of diminishing marginal returns.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"If you don't know where you are going, any road will get you there." -- Lewis Carroll, writer
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OMB
Office of Management and Budget
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