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HEDONIC: Derived from the philosophy of hedonism (that happiness is the chief good in life), the notion that value is ultimately dependent on the satisfaction of wants and needs. The word hedonic is most often used together with the word price, as in hedonic price. This suggests the view that price is based on the satisfaction generated by consuming a good, regardless of the source of the satisfaction. This notion of hedonic is closely related to, and largely indistinguishable from, the more common concept of utility.
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AUTONOMOUS EXPENDITURES Expenditures on aggregate production by the four macroeconomic sectors that do not depend on income or production (especially national income or even gross domestic product). That is, changes in income do not generate changes in these expenditures. Each of the four aggregate expenditures--consumption, investment expenditures, government purchases, and net exports--have an autonomous component. Autonomous expenditures are affected by the ceteris paribus aggregate expenditures determinants and are measured by the intercept term of the aggregate expenditures line. The alternative to autonomous expenditures are induced expenditures, expenditures which do depend on income.
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A Perfect Picture Of PROFITGood news! Manny Mustard, my long-time friend and proprietor of Manny Mustard's House of Sandwiches is having a special on his Deluxe Club Sandwich. Let's drop in for a brief respite -- and lunch. More good news! Manny is bubbling profusely about the vitality of his business. Last month he turned a profit. Yes, that much cherished profit, the goal of business firms, be they large or small. Upon closer inspection Manny's profit calculation might be suffering from an oversight or two. It seems as though Manny neglected to pay himself a wage. Nor did he bother to include any interest expense on the savings he invested in his House of Sandwiches venture. But what the heck, he earned a profit -- didn't he?
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"If you wouldn't write it and sign it, don't say it." -- Earl Wilson, Columnist
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AGI
Adjusted Gross Income
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