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NOMINAL: The actual dollar price of stuff when it's bought or sold. The contrast is with the term real, which is actual value adjusted for price changes or inflation.
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Lesson 21: Factor Demand | Unit 4: Determinants
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Page: 20 of 24
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- Some factors of production work in a substitute arrangement for production and others have a complement relation.
- A few examples:
- Price changes substitute and complement factors affect factor demand in opposite ways:
- Increase In Substitute Price: An increase in the price of a substitute factor causes an increase in factor demand and a rightward shift of the factor demand curve.
- Increase In Complement Price: An increase in the price of a complement factor causes a decrease in factor demand and a leftward shift of the factor demand curve.
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BEHAVIORAL ALTERNATIVES Two different inclinations toward institution changing innovations and maintenance of the status quo. One alternative is entrepreneurial behavior, which is the willingness to develop or adopt innovations that change existing institutions and the status quo. The other alternative is managerial behavior, which is the desire to maintain and promote existing institutions and the status quo. These alternatives can be traced to different preferences for novel and redundant information, which result from the physiological reaction to a potential threat.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"A leader, once convinced that a particular course of action is the right one, must . . . be undaunted when the going gets tough." -- President Ronald Reagan
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SUR
Seemingly Unrelated Regressions
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