|
|
AD-AS ANALYSIS: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).
Visit the GLOSS*arama
|
|
|
|
|
Lesson 22: Factor Supply | Unit 3: Factor Supply
|
Page: 15 of 25
|
|
Topic:
Factor Cost Times Three
|
|
|
- A set of useful concepts in the analysis of factor markets:
- Total factor cost is the opportunity cost incurred when using a given factor of production to produce a good or service.
- Total factor cost is used as the starting point for calculating the other two related measures:
- Average factor cost is the total factor cost per unit of factor input, found by dividing total factor cost by the quantity of factor input.
- The third factor cost concept is marginal factor cost.
- Marginal factor cost is the change in total factor cost resulting from a change in the quantity of factor input, found by dividing the change in total factor cost by the change in quantity of factor input.
- Marginal factor cost indicates how a firm's total factor cost is affected by hiring one more or one fewer factor.
|
|
|
|
|
|
|
INSTITUTION An established method or way of performing an activity that is widely accepted throughout society. Institutions provide the rules, guidelines, and structure needed to carry out day-to-day economic activities, such as production, consumption, and exchange.
Complete Entry | Visit the WEB*pedia |
|
|
BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for telephone calls from long-lost relatives.
Your Complete Scope
This isn't me! What am I?
|
|
|
It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
|
|
|
"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
|
|
NASD
National Association of Securities Dealers
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
