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During the late nineteenth century, third parties emerged as the major parties did not address issues of major concern to farmers, laborers, evangelical reformers, and middle class professionals.
Marginal Product
The additional output that is produced by using one more unit of a factor of production, all else held constant.
Elasticity
Elasticity measures the responsiveness of the quantity demanded or supplied of a good or service to a change in its price or other factors like income.
Resource Demand
The demand for resources (labor, capital, land) that are used to produce goods and services.
Pure Competition
A market structure in which a very large number of firms sells a standardized product, into which entry is very easy, in which the individual seller has no control over the product price, and in which there is no nonprice competition; a market characterized by a very large number of buyers and sellers.
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