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PAYROLL TAX: A tax levied on the wage earnings, or payroll, of workers. The most notable, if nothing else in terms of sheer dollar amount, is the Social Security tax.

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Lesson 21: Factor Demand | Unit 2: Derived Demand 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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AGGREGATE DEMAND SHIFTS

Changes in the aggregate demand determinants cause the aggregate demand curve to shift. The mechanism is comparable to that for market demand determinants and market demand. There are two alternatives--an increase in aggregate demand and a decrease in aggregate demand. An increase in spending by any of the four sectors--household, business, government, and foreign--shifts the aggregate demand curve to right. A decrease in spending by these four sectors shifts the aggregate demand curve to left.

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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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