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BILATERAL: An action, often used in terms of an international trade agreement, that mutually affects two parties. As such, a bilateral trade agreement is one negotiated by two countries. For example, the United States might enter into a bilateral agreement with Germany over car sales, such that each agrees to restrict the number of imports from the other. Compare multilateral, unilateral.
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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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MARGINAL UTILITY OF INCOME The change in utility resulting from a given change in income. This is a specialized case of the general notion of marginal utility, which is simply the change in utility resulting from a given change in the consumption of a good. Marginal utility of income is key to identifying alternative risk preferences, including risk aversion, risk neutrality, and risk loving. These three risk preferences are indicated by three marginal utility of income possibilities, decreasing (risk aversion), increasing (risk loving), and constant (risk neutrality).
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for jovial bank tellers.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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AMW
Average Monthly Wage
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