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FACTOR MARKETS: Markets used to exchange the services of a factor of production: labor, capital, land , and entrepreneurship. Factor markets, also termed resource markets, exchange the services of factors, NOT the factors themselves. For example, the labor services of workers are exchanged through factor markets NOT the actual workers. Buying and selling the actual workers is not only slavery (which is illegal) it's also the type of exchange that would take place through product markets, not factor markets. More realistically, capital and land are two resources than can be and are legally exchanged through product markets. The services of these resources, however, are exchanged through factor markets. The value of the services exchanged through factor markets each year is measured as national income.
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Lesson 9: Consumer Demand | Unit 1: Demand Theory
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Page: 3 of 22
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- Utility is the satisfaction of wants and needs obtained from the consumption or use of goods and services.
- The terms utility and satisfaction are used interchangeably in economics.
- Two other terms often used to capture this notion are welfare and well-being.
- Using the utility notion to analyze market demand entails a couple of points:
- One, Utility is More than Useful
- Two, Utility is Not Measurable
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OPEN ECONOMY An economy that engages in international trade, especially one that exports goods and services to, and imports goods and services from, other economies that make up its foreign sector. It is "open" in the sense that goods and services flow into and out of the country. The alternative to an open economy is a closed economy, one that does not engage in international trade.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a flea market hoping to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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ICTB
International Customs Tariffs Bureau
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