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ECON 1000 Lecture Notes - Lecture 18: Marginal Product, W. M. Keck Observatory

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lavenderkoala286
22 Jan 2019
School
York University
Department
Economics
Course
ECON 1000
Professor
Ardeshir Noordeh

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ECON 1000 Full Course Notes
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ECON 1000 Full Course Notes
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Document Summary

Ch 18: markets for factors of production (18. 1 18. 2) Four factors of production: market for labour services. Labour services are the physical and mental work effort that people supply to produce goods and services: a labour market is a collection of people and firms who trade labour services. The price of labour services is the wage rate: most labour markets have many buyers and many sellers and are competitive. This market is not a market for capital services: a market for capital services is a rental market a market in which the services of capital are hired, markets for land services and natural resources. Land consists of all the gifts of nature natural resources. If the price of the firm"s output increases, the demand for labour increases and the demand for labour curve shifts rightward: the prices of other factors of production.

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Related Questions

In the circular flow diagram, in the markets for

a. The factors of production, households are sellers and firms are buyers.

b. The factors of production, households and firms are both buyers

c. Goods and services, households and firms are both sellers.

d. Goods and services, households are sellers and firms are buyers.

In the circular flow diagram, in the markets for

a. Goods and services, households are buyers and firms are sellers.

b. The factors of production, households are buyers and firms are sellers.

c. The factors of production households and firms are both buyers.

d. Goods and services, households and firms are both sellers.

1. Markets and competition In a perfectly competitive market, all producers sell (perfectly identical/different) goods or services. Additionally, there are (few,many) buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price (takers,makers)

True or False: The market for lettuce does not exhibit the two primary characteristics that define perfectly competitive markets.