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FACTOR SUPPLY CURVE: A graphical representation of the relation between the price to a factor of production and quantity of the factor supplied, holding all ceteris paribus factor supply determinants constant. The factor supply curve is one half of the factor market. The other half is the factor demand curve. The factor supply curve indicates the quantity of a factor that would be supplied at alternative factor prices. While all factors of production, or scarce resources, including labor, capital, land, and entrepreneurship, have factor supply curves, labor is the factor most often analyzed. Like other supply curves, the factor supply curve is generally positively sloped. Higher factor prices are associated with larger quantities supplied and lower factor prices go with smaller quantities supplied.
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SPECIALIZATION The condition in which resources are primarily devoted to specific production tasks. This is one of THE most important and most fundamental notions in the study of economics. Civilized human beings have long recognized that limited resources can be more effectively used in the production of the goods and services that satisfy unlimited wants and needs if those resources specialize.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for deranged pelicans.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"Do something wonderful; people may imitate it. " -- Albert Schweitzer, theologian, physician
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ATC
Average Total Cost
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