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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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WHAT? The allocation question that determines the types and quantities of goods and services produced with society's limited resources. What goods and services are produced with society's limited resources? This is one of three basic questions of allocation. The other two are How? and For Whom?
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either yellow cotton balls or a set of steel-belted radial snow tires. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Always make a total effort, even when the odds are against you." -- Arnold Palmer
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APEC
Asia-Pacific Economic Co-operation
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