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EQUATION OF EXCHANGE: An equation that specifies the relation between the money supply, the velocity of money, the price level, and real production. The equation is stated as M*V = P*Q, where M is the money supply, V is the velocity, P is the price level, and Q is real production. This equation is a key component of the quantity theory of money, which offers an explanation between the money supply and inflation.
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Lesson 21: Factor Demand | Unit 4: Determinants
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Page: 21 of 24
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In this unit, you should have learned about:- How and why factor demand determinants shift the factor demand curve.
- The three main factor demand determinants -- product demand, factor productivity, and other prices.
- That an increase in factor demand is a rightward shift of the factor demand curve and that a decrease in factor demand is a leftward shift of the factor demand curve.
- How the product demand determinant is reflected by the product price and how changes in product price cause the factor demand curve to shift.
- How the factor productivity determinant is includes changes in technology and education and is reflected by marginal physical product and how changes in factor productivity cause the factor demand curve to shift.
- How the other prices determinant captures both substitute and complement relations between factors and how changes in other prices cause the factor demand curve to shift.
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FACTORS OF PRODUCTION Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Factors of production are also termed resources or scarce resources.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for high interest rates.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Defeat is simply a signal to press onward." -- Helen Keller, lecturer, author
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SAS
Statistical Analysis Software
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