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 CHECKABLE DEPOSIT: A checking account deposit maintained by a bank, savings and loan association, credit union, or mutual savings bank. These accounts, also termed transactions deposits, let customers transfer funds easily and quickly to another person, which makes them ideally suited for use as money. Checkable deposits are typically between 60 and 70 percent of the M1 money supply.
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 Lesson 23: Factor Market Equilibrium | Unit 1: Intro Page: 6 of 24

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

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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AVERAGE-MARGINAL RELATION

A mathematical connection between a marginal value and the corresponding average value stating that the change in the average value depends on a comparison between the average and the marginal. This mathematical relation between average and marginal surfaces throughout the study of economics, especially production (average product and marginal product), cost (average total cost and marginal cost), and revenue (average revenue and marginal revenue). A similar relation is that between a total value and the corresponding marginal value.

 BLUE PLACIDOLA[What's This?] Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.Your Complete Scope
 The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
 "I've always believed that if you put in the work, the results will come. I don't do things half-heartedly. Because I know if I do, then I can expect half-hearted results. "-- Michael Jordan, basketball player
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