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DEPRECIATION: A more or less permanent decrease in value or price. "More or less permanent" doesn't include temporary, short-term drops in price that are common in many markets. It's only those price declines that reflect a reduction in consumer satisfaction. While all sorts of stuff can depreciate in value, some of the more common ones are capital, real estate, corporate stock, and money. The depreciation of capital results from the rigors of production and affects our economy's ability to produce stuff. A sizable portion of our annual investment is thus needed to replace depreciated capital. The depreciation of a nation's money is seen as an increase in the exchange rate. This process is described in detail in the entry on the J curve.

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Lesson 22: Factor Supply | Unit 1: Background Page: 3 of 25

Topic: Factors of Production <=PAGE BACK | PAGE NEXT=>

  • The four basic resources supplied through factor markets are:

    • Labor: This is the human effort, both physical and mental, used in production.

    • Capital: This is the machines, equipment, tools, and buildings used in production.

    • Land: This is the raw materials or natural resources that make up the good produced.

    • Entrepreneurship: This is the risk-taking organizers of production.


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MARGINAL REVENUE, MONOPOLISTIC COMPETITION

The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a monopolistically competitive firm receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a monopolistically competitive firm equates marginal revenue and marginal cost.

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Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for gnomes hiding in cypress trees.
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In the early 1900s around 300 automobile companies operated in the United States.
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