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DISEQUILIBRIUM, LONG-RUN AGGREGATE MARKET: The state of the long-run aggregate market in which real aggregate expenditures are NOT equal to full-employment real production, which result in imbalances that induce changes in the price level. In other words, the opposing forces of aggregate demand (the buyers) and long-run aggregate supply (the sellers) are out of balance. Either the four macroeconomic sector (households, business, government, and foreign) buyers are unable to purchase all of the real production that they seek at the existing price level or business-sector producers are unable to sell all of the full-employment real production that they have available at the existing price level.
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AUTONOMOUS CONSUMPTION Household consumption expenditures that do not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in consumption. Autonomous consumption is best thought of as a baseline or minimum level of consumption that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the consumption function or the consumption line. The alternative to autonomous consumption is induced consumption, which does depend on income.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time surfing the Internet seeking to buy either a coffee cup commemorating next Thursday or a replacement remote control for your stereo system. Be on the lookout for gnomes hiding in cypress trees.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"The truth is not for all men, but only for those who seek it. " -- Ayn Rand, writer
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