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DEBTOR NATION: A nation that owes more to foreign governments, businesses, and consumers than foreigners owe to domestic governments, businesses, and consumers. The United States, having been a creditor nation for many decades, has now achieved the status of debtor nation. This sort of thing happens when exports are less than imports, creating a deficit in the current account of the balance of payments and thus a surplus in the capital account.
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FACTOR DEMAND: The willingness and ability of productive activities (that is, businesses) to hire or employ factors of production. Like other types of demand, factor demand relates the price and quantity. Specifically, factor demand is the range of factor quantities that are demanded at a range of factor prices. This is one half of the factor market. The other half is factor supply. The factors of production subject to factor demand include any and all of the four scarce resources--labor, capital, land, and entrepreneurship. However, because labor involves human beings directly, it is the factor that tends to receive the most scrutiny and analysis. See also | factors of production | factor market | factor price | demand | labor | capital | land | entrepreneurship | factor demand curve | factor demand determinants | factor supply | factor demand and marginal revenue product |
Recommended Citation:FACTOR DEMAND, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: February 8, 2023].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: factor demand
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BREAKEVEN OUTPUT The quantity of output in which the total revenue is equal to total cost such that a firm earns exactly a normal profit, but no economic profit. Breakeven output can be identified by the intersection of the total revenue and total cost curves, or by the intersection of the average total cost and average revenue curves. The most straightforward way of noting breakeven output, however, is with the profit curve. For a perfectly competitive firm breakeven output occurs where price is equal to average total cost.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a rechargeable flashlight or storage boxes for your computer software CDs. Be on the lookout for telephone calls from long-lost relatives.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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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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WAPM
Weak Axiom of Profit Maximization
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