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RISK: The possibility of gain or loss. Risk the calculated probability of different events happening, is usually contrasted with uncertainty the possibility that any number of things could happen. For example, uncertainty is the possibility that you could win or lose $100 on the flip of a coin. You don't know which will happen, it could go either way. Risk, in contrast, is the 50 percent chance of winning $100 and the 50 percent chance of losing $100 on the flip of the coin. You know (or think you know) that your probability of winning or losing is 50 percent because the coin has a 50 percent chance of coming up either heads or tails.
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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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SERVICE Activities that provide direct satisfaction of wants and needs without the production of tangible products or goods. Like the related term good, a service is produced using society's resources and represents a fundamental aspect of the economy. Limited resources are used to produce the services that satisfy unlimited wants and needs in an ongoing effort to address the problem of scarcity.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for small children selling products door-to-door.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better." -- Elizabeth Stuart Phelps, Writer
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DOJ
Department of Justice (US)
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