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UNION: An organization of workers or employees who act jointly to negotiate with their employers over wages, fringe benefits, working conditions, and other facets of employment. The main function of unions is to provide a balance for the market control exerted over labor by big business.

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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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IMPORT QUOTAS

Quantity restrictions imposed by the government of one nation on imports from other nations. The primary goal of import quotas is to reduce imports and increase domestic production. Because the quantity of imports is restricted, the price of imports increases, which thus encourages domestic consumers to buy more domestic production. Import quotas are one of three common foreign trade policies designed to discourage imports and/or encourage exports. The other two are tariffs and export subsidies.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either 500 feet of coaxial cable or a coffee cup commemorating the 1960 Presidential election. Be on the lookout for defective microphones.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"Time is the scarcest resource, and unless it is managed nothing else can be managed."

-- Peter F. Drucker

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