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FACTOR MARKET ANALYSIS: An analysis of the structure and equilibrium determination of markets that exchange the services of productive resources. This analysis highlights principles and concepts that tend to be most commonly associated with factor markets (also termed resource markets), including monopsony and bilateral monopoly. Marginal revenue product is a key concept on the demand side of the factor market. Marginal factor cost is a key concept on the supply side of the factor market.
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Lesson 22: Factor Supply | Unit 3: Factor Supply
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Page: 17 of 25
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In this unit, you should have learned about:- The three types of supply -- market supply, supply by a firm, and supply to a firm -- and the role supply to a firm has in the analysis of factor markets.
- The four types of market structures based on market control of the buying-side -- perfect competition, monopsony, monopsonistic competition, and oligopsony.
- The three notions of factor cost -- total factor cost, average factor cost, and marginal factor cost.
- The role of market control in the equality or inequality of factor price, average factor cost, and marginal factor cost.
- The two factor supply curves -- one horizontal, the other positively sloped -- based on no market control or some market control.
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GOVERNMENT SUBSIDIES LESS CURRENT SURPLUS OF GOVERNMENT ENTERPRISES The difference between transfer payments from the government sector to the business sector and "profit" received by government-operated "firms." This composite item is one of several differences between national income (the resource cost of production) and gross (and net) domestic product (the market value of production) in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. This item tends to be relatively small, invariably less than 1 percent of gross domestic product.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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LTT
Long-Term Trend
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