APMic Unit 5 Lesson 1 Introduction to Factor Markets (Modules 69-71) by jclerch https://padlet.com/jclerch/x5w4qtlqtust Factor Markets en-us 2019-07-21 14:55:20 UTC 2025-12-13 01:48:29 UTC hello@padlet.com https://padlet-uploads.storage.googleapis.com/135439946/a03bd6549721b60c107335748e908ae8/IMG_12291.png jclerch https://padlet.com/jclerch/x5w4qtlqtust/wish/141064042 2016-12-01 11:33:16 UTC https://padlet.com/jclerch/x5w4qtlqtust/wish/141064042 jclerch https://padlet.com/jclerch/x5w4qtlqtust/wish/141064092 2016-12-01 11:33:35 UTC https://padlet.com/jclerch/x5w4qtlqtust/wish/141064092 jclerch https://padlet.com/jclerch/x5w4qtlqtust/wish/141064114 2016-12-01 11:33:45 UTC https://padlet.com/jclerch/x5w4qtlqtust/wish/141064114 jclerch https://padlet.com/jclerch/x5w4qtlqtust/wish/372044600 2019-07-23 15:34:18 UTC https://padlet.com/jclerch/x5w4qtlqtust/wish/372044600 Essential Knowledge jclerch https://padlet.com/jclerch/x5w4qtlqtust/wish/372209870 Factors of production (labor, capital, and land) respond to factor prices (wages, interest, and rent), and employers’ (firms’) decision to hire is based on the productivity of the factors, output price, and cost of the factor.

The quantity of labor demanded is negatively related to the wage rate, while the quantity of labor supplied is positively related to the wage rate in a given labor market, other things constant.
]]> 2019-07-25 00:06:57 UTC https://padlet.com/jclerch/x5w4qtlqtust/wish/372209870 Enduring Understanding jclerch https://padlet.com/jclerch/x5w4qtlqtust/wish/372209997 Factor prices provide incentives and convey information to firms and factors of production.]]> 2019-07-25 00:07:44 UTC https://padlet.com/jclerch/x5w4qtlqtust/wish/372209997 Learning Objectives jclerch https://padlet.com/jclerch/x5w4qtlqtust/wish/372210030 Define (using graphs where appropriate) key terms and concepts relating to factor markets.

Explain (using graphs where appropriate) the relationship between factors of production, firms, and factor prices.

Calculate (using data from a graph or table where appropriate) the marginal revenue product and marginal resource cost.
]]> 2019-07-25 00:07:58 UTC https://padlet.com/jclerch/x5w4qtlqtust/wish/372210030 Questions jclerch https://padlet.com/jclerch/x5w4qtlqtust/wish/372210080
  • How are factors of production—resources like land, labor, and capital— purchased in factor markets?
  • What determines the factor distribution of income?
  • How is the demand for a factor of production determined?
  • How does the demand for factors lead to the marginal productivity theory of income distribution?
  • How does a worker’s decision about time preference gives rise to labor supply?
  • How do we find equilibrium in the labor market?
  • What are sources of wage disparities and what is the role of discrimination?
    • ]]>     2019-07-25 00:08:19 UTC https://padlet.com/jclerch/x5w4qtlqtust/wish/372210080     jclerch https://padlet.com/jclerch/x5w4qtlqtust/wish/387537688 2019-09-21 10:31:17 UTC https://padlet.com/jclerch/x5w4qtlqtust/wish/387537688 jclerch https://padlet.com/jclerch/x5w4qtlqtust/wish/413353531 2019-11-19 14:09:07 UTC https://padlet.com/jclerch/x5w4qtlqtust/wish/413353531 jclerch https://padlet.com/jclerch/x5w4qtlqtust/wish/493395629 2020-04-05 16:05:58 UTC https://padlet.com/jclerch/x5w4qtlqtust/wish/493395629 jclerch https://padlet.com/jclerch/x5w4qtlqtust/wish/693519451 2020-08-23 19:49:40 UTC https://padlet.com/jclerch/x5w4qtlqtust/wish/693519451 Introduction to Factor Markets jclerch https://padlet.com/jclerch/x5w4qtlqtust/wish/693520289 2020-08-23 19:51:02 UTC https://padlet.com/jclerch/x5w4qtlqtust/wish/693520289 Changes in Factor Demand and Supply jclerch https://padlet.com/jclerch/x5w4qtlqtust/wish/693520472 2020-08-23 19:51:23 UTC https://padlet.com/jclerch/x5w4qtlqtust/wish/693520472