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INDUCED EXPENDITURE: An aggregate expenditure (consumption, investment, government purchases, and net exports) that depends on national income or gross domestic product. These four aggregate expenditures are conveniently separated into two types, induced, which is our current topic of expenditures unrelated to national income or GDP, and autonomous expenditures, expenditures which are unrelated to national income or GDP. Induced expenditures are graphically depicted as the slope of the aggregate expenditures line, and depend in large part on the marginal propensity to consume. The induced relation between income and expenditures form the foundation of the multiplier effect triggered by changes in autonomous expenditures.
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SUPPLY The willingness and ability to sell a range of quantities of a good at a range of prices, during a given time period. Supply is one half of the market exchange process--the other is demand. This supply side of the market draws inspiration from the limited resources dimension of the scarcity problem.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"New ideas pass through three periods: - It can't be done. - It probably can be done, but it's not worth doing. - I knew it was a good idea all along!" -- Arthur C. Clarke
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SBDC
Small Business Development Center
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