Factor Markets Unit IV. Basic concepts Similar to those of: – supply and demand –And product markets –Same concepts with new application.
Factor Markets. Remember … u u A factor of production is something that is used to produce some output. u u also called an input or a productive resource.
Microeconomics Unit 5 The Resource Market. Topic 1: Intro to the Resource Market Product Market Resource Market.
PART II The Market System: Choices Made by Households and Firms © 2012 Pearson Education Prepared by: Fernando Quijano & Shelly Tefft CASE FAIR OSTER.
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CHAPTER 10 Input Demand: The Labor and Land Markets © 2009 Pearson Education, Inc. Publishing as Prentice Hall Principles of Microeconomics 9e by Case,
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SECTION 2 WORK Starter… What percentage of gross pay has been deducted from W. A. McGonagle’s wages?
