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S-I MODEL: A model used to identify equilibrium in Keynesian economics based on injections (investment, I) and leakages (saving, S) for the two basic sectors (household and business). Equilibrium is achieved at the intersection of the saving line, S, and the investment line, I.
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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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DEMAND INCREASE An increase in the willingness and ability of buyers to purchase a good at the existing price, illustrated by a rightward shift of the demand curve. An increase in demand is caused by a change in a demand determinant and results in an increase in equilibrium quantity and an increase in equilibrium price. A demand increase is one of two demand shocks to the market. The other is a demand decrease.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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NAV
Net Asset Value
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