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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
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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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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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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
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"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
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LCH Life Cycle Hypothesis
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