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SBA: The abbreviation for Small Business Administration, which is an independent federal agency that was started in 1953 to help small business. It provides a variety of assistance, including financial, technical, and managerial help. It helps other agencies in the federal government direct contracts and spending in the direction of proprietorships and small corporations. It also provides low interest loans to small businesses that suffer from natural disasters.

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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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DEMAND AND SUPPLY DECREASE

A simultaneous decrease in the willingness and ability of buyers to purchase a good at the existing price, illustrated by a leftward shift of the demand curve, and a decrease in the willingness and ability of sellers to sell a good at the existing price, illustrated by a leftward shift of the supply curve. When combined, both shifts result in a decrease in equilibrium quantity and an indeterminant change in equilibrium price.

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a T-shirt commemorating the first day of spring or a coffee cup commemorating last Friday (you know why). Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"It is not fair to ask of others what you are unwilling to do yourself. "

-- Eleanor Roosevelt, diplomat, activist

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