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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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AGGREGATE DEMAND INCREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by an increase in aggregate demand resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time searching for rummage sales wanting to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"How we spend our days is, of course, how we spend our lives. " -- Annie Dillard, essayist
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RGDP
Real Gross Domestic Product
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