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CHANGE IN PRIVATE INVENTORIES: The increase or decrease in the stocks of final goods, intermediate goods, raw materials, and other inputs that businesses keep on hand to use in production. Formerly termed change in business inventories, this is one of two main categories of gross private domestic investment included in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other category is fixed investment. Change in private inventories tend to be about 3 to 5 percent of gross private domestic investment.
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Lesson 21: Factor Demand | Unit 2: Derived Demand
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Page: 8 of 24
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- The notion of derived demand plays an important role in a number of issues:
- Health Care and Education: The wage paid to each type of doctor depends on the demand for the factor, which in turn is derived from the demand for the output produced.
- Overpaid Athletes: The wage paid to a professional athlete once again depends on factor demand, which is derived from the demand for the output produced.
- The Farm Problem: The demand for the factor services provided by farmers depends on the demand for farm products.
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ABSOLUTE ADVANTAGE The general ability to produce more goods or services using fewer resources. A person or country has an absolute advantage in production largely due to superior technology or greater technical efficiency. A related, but contrasting concept is comparative advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.
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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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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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RBC
Real Business Cycle
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