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FEDERAL ADVISORY COUNCIL: A group consisting of Presidents from 12 commercial banks, one from each of the 12 Federal Reserve Districts. This council has no policy making role, but merely offers advice, suggestions, and feedback on how Federal Reserve policies are affecting commercial banks and their customers in non-bank public.
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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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U-SHAPED COST CURVES The family of short-run cost curves consisting of average total cost, average variable cost, and marginal cost, all of which have U-shapes. Each is U-shaped because it begins with relatively high but falling cost for small quantities of output, reaches a minimum value, then has rising cost at large quantities of output. Although the average fixed cost curve is not U-shaped, it is occasionally included with the other three just for sake of completeness.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minuteshould be enjoyed and savored." -- Earl Nightingale
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UNCTAD
United Nations Conference on Trade and Development
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