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SECOND BANK OF THE UNITED STATES: The second attempt by the United States to created a central bank. The second bank was established in 1816 and when defunct in 1836, when it lost a political battle with President Andrew Jackson. The United States did not seek another central bank until the Federal Reserve System was established in 1913.
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Lesson 21: Factor Demand | Unit 5: Taking Stock
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Page: 22 of 24
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- Let's take stock.
- First, factor demand is one side of the factor market.
- Second, factor demand is a derived demand.
- Third, factor demand depends on marginal physical product and marginal revenue.
- Fourth, the factor demand curve is negatively sloped due to the law of diminishing marginal returns.
- Fifth, the factor demand curve shifts due to changes in the factor demand determinants.
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ALLOCATION The process of distributing resources for the production of goods and services, and of distributing goods and services for the satisfaction of wants and needs and human consumption. This allocation process is an essential part of an economy's effort to address the problem of scarcity.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale hoping to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for celebrities who speak directly to you through your television.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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AOQL
Average Outgoing Quality Limit
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