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NONDURABLE GOOD: A good bought by consumers that tends to last for less than a year. Common examples are food and clothing. The notable thing about nondurable goods is that consumers tend to continue buying them regardless of the ups and downs of the business cycle.
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INDUCED CONSUMPTION Household consumption expenditures that depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income induce changes in consumption. Induced consumption captures the fundamental psychological law put forth by John Maynard Keynes. It is measured by the marginal propensity to consume (MPC) and is reflected by the positive slope of consumption line. The alternative to induced consumption is autonomous consumption, which does not depend on income.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a how-to book on home decorating or a set of luggage with wheels. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"The man who does not read good books has no advantage over the man who cannot read them. " -- Mark Twain
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NDP
Net Domestic Product
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