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INDUSTRY: A collection of firms that produce similar products sold in the same market. The concept of industry is most often used synonymously with market in most microeconomic analysis. That is, the study of perfect competition or oligopoly is not only the study of market structures, but also the study of industrial structure.

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Lesson 21: Factor Demand | Unit 5: Taking Stock 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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AUTOMATIC STABILIZERS

Taxes and transfer payments that depend on the level of aggregate production and income such that they automatically dampen business-cycle instability without the need for discretionary policy action. Automatic stabilizers are a form of nondiscretionary fiscal policy that do not require explicit action by the government sector to address the ups and downs of the business cycle and the problems of unemployment and inflation.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for slightly overweight pizza delivery guys.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses."

-- Johannes Kepler, German Astronomer

NNP
Net National Product
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