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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 VARIABLE COST Total variable cost per unit of output, found by dividing total variable cost by the quantity of output. When compared with price (per unit revenue), average variable cost (AVC) indicates whether or not a profit-maximizing firm should shut down production in the short run. Average variable cost is one of three average cost concepts important to short-run production analysis. The other two are average total cost and average fixed cost. A related concept is marginal cost.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a birthday greeting card for your mother that doesn't look like a greeting card or a handcrafted spice rack. Be on the lookout for broken fingernail clippers.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"We can't take any credit for our talents. It's how we use them that counts. " -- Madeleine L'Engle, Writer
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AEA
American Economic Association
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