Factor Markets
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
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Name the four factors of production | show 🗑
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show | Rent
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What is the return on labour? | show 🗑
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show | Interest
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What is the return on enterprise? | show 🗑
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show | Derived
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What are specific & non-specific factors? | show 🗑
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What is marginal revenue productivity? | show 🗑
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What portion of the MRP curve is the demand curve for labour? | show 🗑
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show | The wage of each worker is equal to to the MRP of the last worker
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Why do firms hoard labour? | show 🗑
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show | Diminishing marginal return, and the law of demand
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show | The extra output produced when one extra unit of a factor of production is employed
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show | Productivity of a factor, marginal revenue, the law of demand
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show | Quality of factors, education provided, expertise of entrepreneur, diminishing marginal returns
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Why is MRP difficult to calculate? | show 🗑
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Name the four factors of production | show 🗑
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show | Rent
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show | Wages
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What is the return on capital? | show 🗑
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What is the return on enterprise? | show 🗑
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What kind of demand do factors of production have? | show 🗑
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What are specific & non-specific factors? | show 🗑
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show | The extra revenue earned when an additional unit of a factor of production is employed
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show | The downwards sloping section
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show | The wage of each worker is equal to to the MRP of the last worker
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Why do firms hoard labour? | show 🗑
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Why does the MRP curve slope downwards from left to right? | show 🗑
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show | The extra output produced when one extra unit of a factor of production is employed
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show | Productivity of a factor, marginal revenue, the law of demand
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Name 4 factors which affect MPP. | show 🗑
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show | Contribution of capital/labour is hard to gauge, some services are not sold on the market
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show | MPP * Price
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show | MRP*MR
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Define supply price | show 🗑
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show | What a factor must earn to stop it from transfering to its next best alternative employment
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show | Productivity of the factor.
Length of time under consideration.
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Define economic rent | show 🗑
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Define quasi economic rent | show 🗑
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Created by:
JackEatonK98
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