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Production Theory: Factor Prices

In: Action and Choice

Author

Listed:
  • Walter E. Block

    (Loyola University New Orleans)

  • Ivan Jankovic

    (University of Mary)

Abstract

We have already defined economic goods as things that could be put into direct or indirect causal connection with the satisfaction of human needs. The goods that can directly satisfy human needs are called consumer goods and those that could do it indirectly by being used to produce consumer goods are called - you’ll never guess!!! - producer goods. Those goods that are closest to the stage of consumption are called lower order goods while those that are more remote from the final consumption stage are called higher order goods. Most consumer and producer goods are scarce, which means that their quantities compared to our relevant needs for them are limited, so the rationing of their use has to be done through some competitive mechanism, most commonly through market prices.

Suggested Citation

  • Walter E. Block & Ivan Jankovic, 2022. "Production Theory: Factor Prices," Springer Texts in Business and Economics, in: Action and Choice, chapter 5, pages 73-86, Springer.
    • Handle: RePEc:spr:sptchp:978-981-19-3751-4_5
    DOI: 10.1007/978-981-19-3751-4_5
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