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OUTPUT: A generic term for a tangible good or an intangible service that is the end result of the production/resource transformation process. This notion of output, which also goes by the alias product, usually surfaces in the context of analyzing the short-run production of a firm. The short-run relation between a variable input and output is of particular interest because it reveals the law of diminishing marginal returns. This law indicates that additional quantities of a variable input, when added to a fixed input, have decreasing marginal products, or marginal returns.
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FACTOR MARKET ANALYSIS: An analysis of the structure and equilibrium determination of markets that exchange the services of productive resources. This analysis highlights principles and concepts that tend to be most commonly associated with factor markets (also termed resource markets), including monopsony and bilateral monopoly. Marginal revenue product is a key concept on the demand side of the factor market. Marginal factor cost is a key concept on the supply side of the factor market. See also | factor demand | factor supply | marginal productivity theory | short-run production analysis | consumer demand theory | circular flow | resource markets | factors of production | production | factor payments | market structures | demand curve | supply curve | perfect competition, factor market analysis | monopsony, factor market analysis | monopoly, factor market analysis | bilateral monopoly, factor market analysis | factor market, efficiency | monopsony, efficiency | monopsony, minimum wage |
Recommended Citation:FACTOR MARKET ANALYSIS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: May 11, 2021].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: factor market analysis
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RESOURCES Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Resources are often given the more descriptive term factors of production.
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for rusty deck screws.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"Everyone is bound to bear patiently the results of his own example. " -- Phaedrus, Philosopher
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ICTB
International Customs Tariffs Bureau
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