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LEARNING: A person's changes in thinking and behavior due to environmental experiences. A consumer learns about products and services based on information input and subsequent adjustments in buying patterns. This is important in the promotion element of the marketing mix. Typically a potential customer requires 6 exposures to a product name in order to develop retention (learning).

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Lesson 21: Factor Demand | Unit 1: Factor Markets Page: 3 of 24

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  • A review the four basic resources included in factor markets:

    • Labor: This is the human effort, both physical and mental, used in production.

    • Capital: This is the machines, equipment, tools, and buildings used in production.

    • Land: This is the raw materials or natural resources that make up the good produced.

    • Entrepreneurship: This is the risk-taking organizers of production.

  • Once again, it is worth emphasizing that factor markets trade the services of these assorted resources.


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AXIOM

A basic precondition or assumption underlying a theory. Axioms are basic, unverifiable world view assumptions--including personal beliefs, political views, and cultural values--that form the foundation of a theory.

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Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a rechargeable flashlight or storage boxes for your computer software CDs. 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.
"Many people think that if they were only in some other place, or had some other job, they would be happy. Well, that is doubtful. So get as much happiness out of what you are doing as you can and don't put off being happy until some future date. "

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