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LOCAL INPUT: An input that has a relatively small geographic market area due to the high cost of transportation. The high transportation cost means it is easier (that is, less expensive) to locate the production activity near the input rather than trying to bring the input to the production activity. Like many things, local inputs are a matter of degree. At the other end of the spectrum lies transferrable inputs. Natural resources of the land, such as soil fertility, weather conditions, mineral deposits, tend to have the greatest local orientation. Labor and many urban public utilities, such as water distribution and sewage disposable, also tend to fall into the local category.

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Lesson 21: Factor Demand | Unit 5: Taking Stock Page: 24 of 24

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • A review of this study of factor demand, including the importance of derived demand, marginal revenue product, and factor demand determinants.
  • A preview of other lessons dealing with factor markets, including factor supply, factor market equilibrium, and the analysis of the labor markets.


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AVERAGE PROPENSITY TO SAVE

The proportion of household income that is used for saving. The average propensity to save (abbreviated APS) is really nothing more than average saving. Together with the average propensity to consume, it indicates how a given level of income is divided between consumption and saving. A related saving measure is the marginal propensity to save.

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APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for vindictive digital clocks with revenge on their minds.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"A leader, once convinced that a particular course of action is the right one, must . . . be undaunted when the going gets tough."

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CAR
Cumulative Average Return
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