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AFRICAN DEVELOPMENT BANK: A regional multilateral development institution engaged in promoting the economic development and social progress of its member countries in Africa. The Bank, established in 1964, started functioning in 1966 with its Headquarters in Abidjan, Cote d' lvoire. The Bank borrows funds from the international money and capital markets. Its shareholders are the 53 countries in Africa as well as 24 countries in the Americas, Europe, and Asia.
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Lesson 22: Factor Supply | Unit 5: Taking Stock
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Page: 23 of 25
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- Let's take stock of what factor supply is:
- First, factor supply is one side of the factor market, the other being factor demand.
- Second, that each of the four factors of production have different considerations for factor supply.
- Third, that factor markets have differing degrees of market control on the buying side, which affects the factor cost incurred by the buyers.
- Fourth, that while factor supply is the relation between factor quantity and factor price, other factor supply determinants are also important.
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LAW OF DIMINISHING MARGINAL UTILITY A principle stating that as the quantity of a good consumed increases, eventually each additional unit of the good provides less additional utility--that is, marginal utility decreases. Each subsequent unit of a good is valued less than the previous one. The law of diminishing marginal utility helps to explain the negative slope of the demand curve and the law of demand.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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T-BOND
Treasury Bond
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