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FIXED INPUT: An input in the production of goods and services that does not change in the short run. A fixed input should be compared with a variable input, an input that DOES change in the short run. Fixed and variable inputs are most important for the analysis of short-run production by a firm. The best example of a fixed input is the factory, building, equipment, or other capital used in production. The comparable example of a variable input would then be the labor or workers who work in the factory or operate the equipment. In the short run (such as a day or so) a firm can vary the quantity of labor, but the quantity of capital is fixed.
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AGGREGATE EXPENDITURES The total expenditures on gross domestic product undertaken in a given time period by the four sectors--household, business, government, and foreign. Expenditures made by each of these sectors are commonly termed consumption expenditures, investment expenditures, government purchases, and net exports. Aggregate expenditures (AE) are a cornerstone in the study of macroeconomics, playing critical roles in Keynesian economics, aggregate market analysis, and to a lesser degree, monetarism. In particular, aggregate expenditures are combined with the price level as aggregate demand.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either a pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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KLIC
Kullback-Leibler Information Criterion
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