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INCOME-EXPENDITURE MODEL: A macroeconomic model, which captures the essence of Keynesian economics, is based on the equality between total income generated from gross domestic product and total expenditures on gross domestic product. The cornerstone of the income-expenditure model is the consumption function, which relates household consumption expenditures to income and gives rise to the aggregate expenditure line with the addition of investment, government purchases, and net exports. The intersection between the aggregate expenditure line at the 45-degree identifies equilibrium.
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LONG RUN, MICROECONOMICS In terms of the microeconomic analysis of production and supply, a period of time in which all inputs under the control of a firm used in the production process are variable. In the long run, labor and capital are variable inputs. The long-run analysis of production reveals the key role played by returns to scale. This is one of four production time periods used in the study of microeconomics. The other three are short run, very long run, and very short run (or market period). The long run is also a time period designation used in the macroeconomic analysis of economic growth and full employment.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either a large, stuffed giraffe or a birthday greeting card for your aunt. Be on the lookout for broken fingernail clippers.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"Enthusiasm is the greatest asset in the world. It beats money and power and influence. It is no more or less than faith in action. " -- Henry Chester, Writer
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NIFO
Next In First Out
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