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TANSTAAFL: A rather cumbersome and usually hard to remember acronym for the expression "There ain't no such thing as a free lunch. This is a favorite saving of many economists because it highlights, albeit in a grammatically questionable manner, the fundamental problem of scarcity. The phrase serves to emphasize that seemingly "free" lunches are not really free. While they might be free to the customer, someone must pay, that is, incur an opportunity cost of foregone production. The lunch eaten by one person cannot be eaten by another.
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Lesson 23: Factor Market Equilibrium | Unit 1: Intro
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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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LABOR FORCE PARTICIPATION RATE The proportion of the total noninstitutionalized civilian population 16 years of age and over that is in the civilian labor force. The labor force participation rate is essentially the ratio of the civilian labor force to the total noninstitutionalized civilian population 16 years of age and over. The data used to estimated the labor force participation rate is obtained along with other labor force data from the monthly Current Population Survey conducted by the Bureau of the Census for the Bureau of Labor Statistics. Labor force participation rates are also commonly calculated using data derived from the Census of the Population.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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SMSA
Standard Metropolitan Statistical Area
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