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PATERNALISM: A fundamental philosophical viewpoint that the private sector (households and businesses) needs to be watched over--like a parent--by the public sector (government). In other words, members of society need to be watched over, cared for, and kept out of trouble, like parents watch over, care for, and keep their children out of trouble. This philosophy of paternalism should be contrasted directly with the philosophy of laissez faire, which essentially says "Hey, we're all grown ups here, we can make our own decisions."

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Lesson 23: Factor Market Equilibrium | Unit 1: Intro Page: 6 of 24

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In this unit, you should have learned about:
  • Factor markets that exchange the services of the four factors of production -- labor, capital, land, and entrepreneurship.
  • The two sides of the factor market -- factor demand and factor supply.
  • The key role that marginal revenue product plays in factor demand.
  • The key role that marginal facto cost plays in factor supply.
  • How equilibrium applies to factor markets as a balance in the forces of factor demand and factor supply.
  • The role of competition in factor markets and how relatively different competition among buyers and sellers affects the factor market.
  • The role factor markets play in the overall economy as seen through the circular flow.


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UTILITY MAXIMIZATION

The process or goal of obtaining the highest level of utility from the consumption of goods or services. The goal of maximizing utility is a key assumption underlying consumer behavior studied in consumer demand theory. Consumers are assumed to make choices, especially concerning the purchase of goods, such that they obtain the highest possible level of satisfaction. Utility maximization can be achieved at the peak of the total utility curve.

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Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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