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INDUCED CONSUMPTION: Household consumption expenditures that depend on income or production (especially disposable, national income, or gross national product). An increase in household disposable income triggers an increase in induced consumption expenditures. Induced consumption is graphically depicted as the slope of the consumption or propensity-to-consume line, and are measured by the marginal propensity to consume. The induced relation between income and consumption, as well as other induced expenditures, form the foundation of the multiplier effect triggered by changes in autonomous expenditures.
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AVERAGE PRODUCT The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average product, usually abbreviated AP, is found by dividing total product by the quantity of the variable input. Average product, which occasionally goes by the alias average physical product (APP), is one of two measures derived from total product. The other is marginal product.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"Wherever you go, no matter what the weather, always bring your own sunshine." -- Anthony J. D'Angelo
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FED
Federal Reserve
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