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MACROECONOMIC SECTORS: The four aggregate sectors of the macroeconomy--household, business, government, and foreign--that reflect four key macroeconomic functions and are responsible for four expenditures on gross domestic product. These four sectors are the primary "actors" on the macroeconomic stage. Macroeconomic theories then explain macroeconomic phenomena by exploring the interaction among these four sectors.
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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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MARGINAL COST OF SEARCH The incremental cost incurred by additional search effort is the marginal cost of search. Marginal cost of search, also termed marginal search cost, is comparable to marginal cost of short-run production analysis. Marginal cost of search increases with an increase in search effort and is represented by the marginal cost of search curve. This is one half of the efficient information search decision. The other is marginal benefit of search.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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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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MRS
Marginal Rate of Substitution
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