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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.
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NATIONAL INCOME AND GROSS DOMESTIC PRODUCT National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production of final goods and services during a given period of time, usually one year. Gross domestic product (GDP) is the total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually a year. Although national income is generated by the production of gross domestic product, the value of production does not entirely result in earned income. In other words, national income can be derived from gross domestic product after a few adjustments.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"An idea is never given to you without you being given the power to make it reality." -- Richard Bach, Author
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Negotiable Order of Withdrawal
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