Leaving Cert Economics (Micro Flashcards) Karteikarten am 13. Intro to Factors of Production, erstellt von samstevenson2014 am 10/03/2015.
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Erstellt von samstevenson2014
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Define "supply price" of a factor.
Define "transfer earnings" of a factor.
What is economic rent?
What 2 things are required to earn economic rent?
What is Quasi-Rent?
What is a specific factor of production?
Non-specific factor of production?
Can non-specific FoP make transfer earnings?
What type of demand is the demand for FoP?
Explain Marginal Physical Product (MPP) of a FoP
Explain Marginal Revenue Product (MRP) of a FoP
What law does MPP depend on?
The demand curve of a factor is also...
In order to supply any good or service, a firm needs...
