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DERIVED DEMAND: The notion that the demand for a factor or production, an input used in the production of a good, depends on the demand for the output being produced. This concept highlights the two key aspects of factor demand. One is that factor demand depends on the value of the good being produced. Inputs that produce more valuable outputs are themselves more highly valued. Two is that factor demand depends on the productivity of the input. Inputs that produce more output are themselves more highly valued.
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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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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"My future starts when I wake up every morning . . . Every day I find something creative to do with my life. " -- Miles Davis, musician
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JHR
Journal of Human Resources
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