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AGGREGATE EXPENDITURE LINE: A line representing the relation between aggregate expenditures and gross domestic product used in the Keynesian cross. The aggregate expenditure line is obtained by adding investment expenditures, government purchases, and net exports to the consumption line. As such, the slope of the aggregate expenditure line is largely based on the slope of the consumption line (which is the marginal propensity to consume), with adjustments coming from the marginal propensity to invest, the marginal propensity for government purchases, and the marginal propensity to import. The intersection of the aggregate expenditures line and the 45-degree line identifies the equilibrium level of output in the Keynesian cross.
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SCARCE RESOURCE A resource with an available quantity less than its desired use. Scarce, or economic, resources are also called factors of production and are generally classified as either labor, capital, land, or entrepreneurship. Scarce resources are the workers, equipment, raw materials, and organizers used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource falls into the scarce category because it has a limited availability in combination with greater (potentially unlimited) productive uses.
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Lombard Street is London's equivalent of New York's Wall Street.
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"Gravitation can not be held responsible for people falling in love." -- Albert Einstein
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TP
Total Product
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