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RETAINED EARNINGS: Officially termed undistributed corporate profits, these are corporate profits that are neither paid as corporate profits taxes nor paid to shareholders as dividends. Undistributed corporate profits are important for the derivation of personal income from national income. Because undistributed corporate profits are income that is earned by the shareholders, but not received, it falls in the general category of income earned but not received (IEBNR), and is subtracted from national income in the derivation of personal income.
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Lesson 23: Factor Market Equilibrium | Unit 1: Intro
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Page: 4 of 24
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- The notion of competition.
- Competition is the actions of two or more rivals in pursuit of the same objective. In the context of markets, the specific objective is competition among suppliers to sell goods to buyers or alternatively competition among demanders to buy goods from sellers.
- The extent of competition in a factor market, like any market, depends on the relative number of participants.
- The primary product of limited competition is, of course, market control.
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MARGINAL FACTOR COST, PERFECT COMPETITION The change in total factor cost resulting from a change in the quantity of factor input employed by a perfectly competitive firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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More money is spent on gardening than on any other hobby.
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"Use, do not abuse; neither abstinence nor excess ever renders man happy." -- Voltaire, philosopher
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