杭州ap网上培训班

Please highlight critical terms;
*=not important for exam but you should know

Chapter Seven

Derived Demand-the demand for a resource such as labor is derived from the product that the resource helps to produce

resource markets- also called "factor markets", these are where labor, capital and natural resources are bought and sold. wage- the price of labor resources. Wages and other resource prices affect the cost of goods and services, and thus their supply. *human capital- skills, education, training and experience that enable a worker to become more productive. These are not used up as the worker works; the worker still has them even though she/he has used them on the job. They also require an investment to obtain, and thus resemble capital, because of the investment and durability characteristics. derived demand- the idea that resources are not desired for themselves, but rather for the value of what they can produce and how much they can