Factors of production refer to the resources required to produce economic goods, including land, labor, capital, and entrepreneurial ability. Each factor has an associated cost: rent for land, wages for labor, interest for capital, and profit for the entrepreneur.
A Minus Tick, also known as a downtick, is a term used in trading and investing to describe a trade of a security that occurs at a price lower than the previous trade.
Explore the concept of the ratchet effect, where an economic variable, such as prices or wages, undergoes an irreversible change. Understand how temporary pressures can have lasting impacts on the economy and contribute to inflation.
Stickiness refers to the phenomenon where certain economic variables, such as prices and wages, remain fixed or adjust slowly in response to changes in market conditions. This often results in wages and prices being 'sticky downward.'
