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Pastimes : Austrian Economics, a lens on everyday reality
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To: Wildstar who wrote (270)11/10/2003 8:41:29 PM
From: Don Lloyd   of 445
 
Wildstar,

If widgets are made from copper, a non-specific factor of production, and unobtanium, a specific factor of production, the supplier of widgets will bargain with the suppliers of copper and unobtainium to buy at the lowest price possible.

For the purposes of this discussion, it is only the specific factor obtainium that is bargained for. The other factor prices are market prices set by the marginal buyer and potentially enforced by competition in general.

With this proviso, I think you're very close overall.

Regards, Don
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