Ch013EndOfChapterQuestions
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Ch013EndOfChapterQuestions

Course Number: ECON E103, Spring 2008

College/University: Indiana South Bend

Word Count: 1608

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The Demand for Resources ANSWERS TO END-OF-CHAPTER QUESTIONS 25-1 What is the significance of resource pricing? Explain how the factors determining resource demand differ from those determining product demand. Explain the meaning and significance of the fact that the demand for a resource is a derived demand. Why do resource demand curves slope downward? All resources that enter into production are owned by...

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The Demand for Resources ANSWERS TO END-OF-CHAPTER QUESTIONS 25-1 What is the significance of resource pricing? Explain how the factors determining resource demand differ from those determining product demand. Explain the meaning and significance of the fact that the demand for a resource is a derived demand. Why do resource demand curves slope downward? All resources that enter into production are owned by someone, including the most important resource of all for most people, self-owned labor. The most basic significance of resource pricing is that it largely determines peoples incomes. Resource pricing allocates scarce resources among alternative uses. Firms take account of the prices of resources in deciding how best to attain least-cost production. Finally, resource pricing has a great deal to do with income inequality and the debate as to what government should or should not do to lessen this inequality. It is here that the factors that determine resource demand are most different from those that determine demand for products. determine resource demand are most different from those that determine demand for products.

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Indiana South Bend - ECON - E103
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Indiana South Bend - ECON - E103
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