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AGGREGATE EXPENDITURE LINE: A line representing the relation between aggregate expenditures and gross domestic product used in the Keynesian cross. The aggregate expenditure line is obtained by adding investment expenditures, government purchases, and net exports to the consumption line. As such, the slope of the aggregate expenditure line is largely based on the slope of the consumption line (which is the marginal propensity to consume), with adjustments coming from the marginal propensity to invest, the marginal propensity for government purchases, and the marginal propensity to import. The intersection of the aggregate expenditures line and the 45-degree line identifies the equilibrium level of output in the Keynesian cross.
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DOUBLE COINCIDENCE OF WANTS The requirements of a barter exchange that each trader has want the other wants and wants what the other has. Because everyone does not necessarily want everything, the lack of double coincidence of wants is a major obstacle in barter exchanges, especially for complex, modern economies like that fond in the United States. While double coincidence of wants is also essential for exchanges involving money, it is such an inherent trait of money that it is not a problem. By its very nature as a generally accepted medium of exchange, everyone WANTS money.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time at an auction seeking to buy either a large stuffed brown and white teddy bear or a replacement washer for your kitchen faucet. Be on the lookout for fairy dust that tastes like salt.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Try not to become a man of success but rather to become a man of value. " -- Albert Einstein
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BEA
Bureau of Economic Analisys
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