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NEED: This is often thought of as a physiological or biological requirement for maintaining life, such as the need for air, water, food, shelter, and sleep. Satisfaction is achieved by fulfilling needs. Physiological needs should be contrasted with psychological wants that make life more enjoyable but are not necessary to stay alive. However, when push comes to shove, and the nitty gets down to the gritty, it matters very little to markets if people need goods or want goods, so long as they are motivated to satisfy them. This motivation is what drives economic activity.
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Lesson 22: Factor Supply | Unit 1: Background
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Page: 6 of 25
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In this unit, you should have learned about:- The notion of factor supply, which involves the quantity of productive resources that are offered for sale at different factor prices.
- The four basic factor payments -- wage, interest, rent, and profit -- used to compensate factors of production for their productive services.
- The four basic factors of production that are supplied by their owners -- labor, capital, land, and entrepreneurship.
- Factor markets, which combine factor supply and factor demand.
- That factor markets are used to exchange the services of the four resources.
- The role factor markets play in the overall economy as seen through the circular flow.
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AMERICAN ASSOCIATION FOR THE ADVANCEMENT OF SCIENCE A scientific society whose main mission is to advance science and innovation throughout the world. The American Association for the Advancement of Science (AAAS for short) publishes one of the most respected scientific magazines called Science. The association and magazine have nearly 140,000 individual and institutional subscribers, plus 272 affiliated organizations in more than 130 countries, serving a total of 10 million individuals. The American Association for the Advancement of Science was founded in 1848 to represent all disciplines of science and to support scientific exchange and discussion of science and society issues.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Man is born to live, not to prepare for life. " -- Boris Pasternak, writer
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ABA
American Bankers Association, Associate in Business Administration
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