Introduction to Microeconomics

11. The Structure of Production

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As factors of production, supply and demand of labor, land and capital will determine how much the producer will get out of this process. This process occurs in different stages.
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12. Labor and Unions

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In order for anyone to make ethical judgments, he must know the consequences of his various actions. In questions of union actions displacement or unemployment for oneself or others will be considered unfortunate by most people.
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13. The Labor Market

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Economists can say little about population and its size, despite the gloomy views of Malthus. More people are a good thing because of the division of labor. Living standards are higher when populations are higher.
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14. Interest Rates and Course Review

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The time market determines the pure rate of interest. Price per unit of time may be wages or rent. The interest income will be earned by the capitalist who has assumed the task of advancing present money.
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