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K: The standard abbreviation for the quantity of capital goods, especially for the analysis of production. The letter "K" is used even though capital begins with a "C" because "C" is commonly used to represent consumption. The complementary representations for other inputs are "L" for labor and "N" for population.

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Lesson 23: Factor Market Equilibrium | Unit 3: Perfect Competition Page: 15 of 24

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • The characteristics of perfection competition for factor markets.
  • That a firm operating in a perfect competition factor market employs a resource where marginal revenue product is equal to the factor price.
  • That perfect competition achieves efficiency in a factor market much like it does in a product market.


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CAPITALISM

A type of economy, or economic system, based on--(1) private ownership of most resources, goods, and other assets; (2) freedom to generally use the privately-owned resources, goods, and other assets to get the most wages, rent, interest, and profit possible; and (3) a system of relatively competitive markets.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for fairy dust that tastes like salt.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
"Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minuteshould be enjoyed and savored."

-- Earl Nightingale

LIBOR
london Inter-Bank Offered Rate
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