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SIMPLE EXPENDITURE MULTIPLIER: The ratio of the change in aggregate output (or gross domestic product) to an autonomous change in an aggregate expenditure (consumption expenditures, investment expenditures, government purchases, or net exports) when consumption is the only induced expenditure. This is the least complicated expenditure multiplier possible, based exclusively on induced consumption, and is the inverse of the marginal propensity to save. This simple multiplier becomes more complicated by adding other induced expenditures.
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AVERAGE FACTOR COST CURVE, MONOPSONY A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average factor cost curve for a firm with market control is positively sloped.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for vindictive digital clocks with revenge on their minds.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"The will to win is important, but the will to prepare is vital. " -- Joe Paterno, football coach
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AEA
American Economic Association
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