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Y-AXIS: In a graph, this is one of two lines that intersect at a right angle. This is the "vertical axis" that runs up and down.
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Lesson 22: Factor Supply | Unit 4: Determinants
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Page: 20 of 25
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Topic:
Geographic Mobility
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- More on geographic mobility:
- Geographic mobility is the mobility, or movement, of factors of production from a productive activity in one location to a productive activity in another location.
- In particular, geographic mobility is the ease with which resources can change locations.
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FACTOR DEMAND The willingness and ability of productive activities (usually, business firms) to hire or employ factors of production. Factor demand relates factor price and factor quantity, specifically, it is the range of factor quantities that are demanded at a range of factor prices. This is one half of the factor market. The other half is factor supply. The factors of production subject to factor demand include any and all of the four scarce resources--labor, capital, land, and entrepreneurship. However, because labor involves human beings directly, it is the factor that tends to receive the most scrutiny and analysis.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for letters from the Internal Revenue Service.
Your Complete Scope
This isn't me! What am I?
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In the early 1900s around 300 automobile companies operated in the United States.
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"Carpe diem! Rejoice while you are alive; enjoy the day; live life to the fullest; make the most of what you have. It is later than you think." -- Horace, Ancient Roman poet
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MU
Marginal Utility
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