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ZERO SLOPE: A horizontal line in which the numerical value of the slope, calculated as the change in the variable on the vertical axis divided by a change in the variable on the horizontal axis, is zero. In other words, the Y-axis variable is fixed, or constant, for any and all values of the X-axis variable.

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Lesson 21: Factor Demand | Unit 1: Factor Markets Page: 6 of 24

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

In this unit, you should have learned about:
  • The composition of wages paid for labor, including monetary payment and psychological rewards.
  • How factor markets deal with all four resource categories -- labor, capital, land, and entrepreneurship.
  • How factor markets exchange the services of resources and not the actual resources.
  • A review of the four resource categories -- labor, capital, land, and entrepreneurship.
  • The four payments that correspond to the four resource categories -- wage, interest, rent, and profit.
  • The role factor (or resource) markets play in the circular flow model of the economy.


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SERVICE

Activities that provide direct satisfaction of wants and needs without the production of tangible products or goods. Like the related term good, a service is produced using society's resources and represents a fundamental aspect of the economy. Limited resources are used to produce the services that satisfy unlimited wants and needs in an ongoing effort to address the problem of scarcity.

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?

The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"Plans are only good intentions unless they immediately degenerate into hard work."

-- Peter Drucker, management consultant

AIBD
Association of International Bond Dealers (now called International Securities Market Association)
A PEDestrian's Guide
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