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SLOPE, AGGREGATE EXPENDITURES LINE: The positive slope of the aggregate expenditures line is the sum of the marginal propensity to consume (MPC), marginal propensity to invest (MPI), and marginal propensity for government purchases (MPG), less the marginal propensity to import (MPM). This slope is greater than zero but less than one, reflecting induced expenditures by the four macroeconomic sectors (household, business, government, and foreign). The slope of the aggregate expenditures line determines the magnitude of the multiplier process.
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DISEQUILIBRIUM, SHORT-RUN AGGREGATE MARKET The state of the short-run aggregate market in which aggregate expenditures are NOT equal to real production, which result in imbalances that induce changes in the price level, aggregate expenditures, and real production. In other words, the opposing forces of aggregate demand (the buyers) and short-run aggregate supply (the sellers) are out of balance. At the existing price level, either the four macroeconomic sectors (household, business, government, and foreign) are unable to purchase all of the real production that they seek or producers are unable to sell all of the real production that they have.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"When you play, play hard; when you work, don't play at all. " -- Theodore Roosevelt, 26th US president
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WPO
Weakly Pareto Optimal
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