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LEGAL CLAIMS: Ownership of the physical goods, services, and resources that make up the real side of the economy. Legal claims are a key feature of the paper, or financial side of the economy. Transferring legal claims is the primary method of diverting income from household saving to investment and government borrowing. Legal-claim buyers loan income and legal-claim sellers borrower income.
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Lesson 21: Factor Demand | Unit 2: Derived Demand
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Page: 7 of 24
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- The demand for a factor of production is derived from the demand for production.
- Specific definitions:
- Factor demand is the demand for the use of the productive services of resources, or factors of production, which is the prices buyers are willing and able to pay at for a range of different quantities.
- And factor demand is a derived demand.
- Derived demand is the demand for the services of a resource or factor of production resulting from the demand for the good or service produced.
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EQUILIBRIUM QUANTITY The quantity that exists when a market is in equilibrium. Equilibrium quantity is simultaneously equal to both the quantity demanded and quantity supplied. In a market graph, the equilibrium quantity is found at the intersection of the demand curve and the supply curve. Equilibrium quantity is one of two equilibrium variables. The other is equilibrium price.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either a how-to book on home remodeling or a tall storage cabinet with five shelves and a secure lock. Be on the lookout for the last item on a shelf.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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FOMC
Federal Open Market Committee
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