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QUASI-PUBLIC CORPORATION: A business activity that is privately controlled, but authorized by government legislation. The Federal National Mortgage Association is one example. Quasi-public corporations are set up when governments expand their activities and/or divest themselves of current government functions. Quasi-public corporations often result because governments seek to promote a particular activity, such as student loans, low cost home mortgages, or lotteries, but do not want the administrative burden.
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Lesson 23: Factor Market Equilibrium | Unit 1: Intro
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Page: 3 of 24
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- Let's review the notion of equilibrium.
- Equilibrium is the state that exists due to a balance between opposing forces, which remains unchanged until another force intervenes.
- Once achieved, equilibrium persists unless or until it is disrupted by an outside force.
- Equilibrium in the factor market works much the same, with the two opposing forces being:
- Factor Demand
- Factor Supply
- When these two opposing forces of factor demand and factor supply are in balance, we have factor market equilibrium.
- Should the factor market be out of equilibrium, then like any other market, it can experience a surplus or a shortage.
- A factor market surplus, especially in labor markets, is more commonly termed unemployment.
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RATIONAL IGNORANCE The decision NOT to become informed about a topic (such as what a political candidate wants to do) because the cost of acquiring the information is more than the expected benefit. The rational decision to remain ignorant about a subject is a straightforward application of utility maximization and along with the related notion of rational abstention, is a source of voter apathy and government inefficiency.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"What gets measured gets done." -- Peter Drucker, educator
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NIA
National Income Accounts
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