{"id":147,"date":"2024-05-29T23:17:11","date_gmt":"2024-05-29T23:17:11","guid":{"rendered":"https:\/\/course.oeru.org\/miec103\/?page_id=147"},"modified":"2024-05-29T23:17:11","modified_gmt":"2024-05-29T23:17:11","slug":"introduction-and-objectives","status":"publish","type":"page","link":"https:\/\/course.oeru.org\/miec103\/learning-pathways\/resource-markets\/introduction-and-objectives\/","title":{"rendered":"Introduction and objectives"},"content":{"rendered":"<div id=\"content\" class=\"mw-body container\" role=\"main\">\n<div class=\"row\">\n<div class=\"col-md-12\">\n<div class=\"panel\">\n<div class=\"panel-body\">\n<div id=\"bodyContent\">\n<div id=\"mw-content-text\" lang=\"en\" dir=\"ltr\" class=\"mw-content-ltr\">\n<p>\nHere we outline how firms decide how much they will use their resources (which include land, labor, capital, and entrepreneurial ability \u2013 all of which are required to produce the final good) and at what price. The demand for resources is derived from the demand for the final goods that are produced with them. For example, if the demand for automobiles (the final good) were to increase, the demand for steel (and any other resource used in the production of the auto) would also increase.\n<\/p>\n<p>\n<\/p>\n<div class=\"panel iDevice\">\n\t<div class=\"panel-heading idevice-heading\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"pedagogicalicon\" alt=\"objectives\" src=\"https:\/\/course.oeru.org\/miec103\/wp-content\/themes\/oeru_course\/idevices\/Icon_objectives.png\">\n\t\t<\/div>\n\t\t<div>\n\t\t\t<h2>Objectives<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"panel-body\">\n\t\t<div class=\"col-md-12\">\n\t\t\t<\/p>\n<p>Upon successful completion of this unit, you will be able to:\n<\/p>\n<ul>\n<li> analyze how the demand and supply technique works for the resource markets.\n<\/li>\n<\/ul>\n<p>\n<\/p>\n<p>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<p><!-- \nNewPP limit report\nCPU time usage: 0.014 seconds\nReal time usage: 0.016 seconds\nPreprocessor visited node count: 109\/1000000\nPreprocessor generated node count: 827\/1000000\nPost\u2010expand include size: 1817\/2097152 bytes\nTemplate argument size: 378\/2097152 bytes\nHighest expansion depth: 7\/40\nExpensive parser function count: 0\/100\n--><\/p>\n<p><!-- Saved in parser cache with key we_en-mw_:pcache:idhash:177029-0!*!*!*!*!2!* and timestamp 20240529231711 and revision id 1003598\n -->\n<\/div>\n<div class=\"visualClear\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-md-12\">\n<ul class=\"pager\">\n<li class=\"previous\">\n            <a href=\"\/miec103\/learning-pathways\/imperfect-competition\/review\">\u2190 Previous<\/a>\n          <\/li>\n<li class=\"next\">\n            <a href=\"\/miec103\/learning-pathways\/resource-markets\/overview-of-resource-markets\">Next \u2192<\/a>\n          <\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<div id=\"wenote-ids\"><script type='text\/javascript' id='wenotes-ids'>\n    var WEnotesSite = \"https:\/\/wikieducator.org\";\n    var WEnotesPath = \"\/Microeconomics_market_structures\/Resource_markets\";\n    var WEnotesSiteID = \"0e3d258fbd36841f92259eefcd41d5e9\";\n    var WEnotesPathID = \"d0f5de145e3c76924fe6e27e36f3957c\";\n    var WEnotesIDs = { site: \"https:\/\/wikieducator.org\", path: \"\/Microeconomics_market_structures\/Resource_markets\", site_id: \"0e3d258fbd36841f92259eefcd41d5e9\", path_id: \"d0f5de145e3c76924fe6e27e36f3957c\" };\n<\/script><\/div>\n<\/div>\n<footer><\/footer>\n","protected":false},"excerpt":{"rendered":"<p>Here we outline how firms decide how much they will use their resources (which include land, labor, capital, and entrepreneurial ability \u2013 all of which are required to produce the final good) and at what price. The demand for resources is derived from the demand for the final goods that are produced with them. For [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":145,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-147","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/course.oeru.org\/miec103\/wp-json\/wp\/v2\/pages\/147","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/course.oeru.org\/miec103\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/course.oeru.org\/miec103\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/miec103\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/miec103\/wp-json\/wp\/v2\/comments?post=147"}],"version-history":[{"count":1,"href":"https:\/\/course.oeru.org\/miec103\/wp-json\/wp\/v2\/pages\/147\/revisions"}],"predecessor-version":[{"id":148,"href":"https:\/\/course.oeru.org\/miec103\/wp-json\/wp\/v2\/pages\/147\/revisions\/148"}],"up":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/miec103\/wp-json\/wp\/v2\/pages\/145"}],"wp:attachment":[{"href":"https:\/\/course.oeru.org\/miec103\/wp-json\/wp\/v2\/media?parent=147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}