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RESOURCE MARKETS: Market used to exchange the services of resources labor, capital, and natural resources. The value of services exchanged through resource markets each year is measured as national income. Compare financial market, product market.

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Lesson 22: Factor Supply | Unit 4: Determinants Page: 22 of 25

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In this unit, you should have learned about:
  • How the standard determinants of market demand and market supply also work as factor supply determinants.
  • The role of mobility as a factor supply determinant.
  • How geographic mobility -- the movement from one location to another -- varies for different factors of production.
  • How occupational mobility -- the movement from one occupation to another -- varies for different factors of production.


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AVERAGE TOTAL COST

Total cost per unit of output, found by dividing total cost by the quantity of output. When compared with price (per unit revenue), average total cost (ATC) indicates the per unit profitability of a profit-maximizing firm. Average total cost is one of three average cost concepts important to short-run production analysis. The other two are average fixed cost and average variable cost. A related concept is marginal cost.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a Boston Red Sox baseball cap or a square lamp shade with frills along the bottom. Be on the lookout for mail order catalogs with hidden messages.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"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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