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INDUCED EXPENDITURE: An aggregate expenditure (consumption, investment, government purchases, and net exports) that depends on national income or gross domestic product. These four aggregate expenditures are conveniently separated into two types, induced, which is our current topic of expenditures unrelated to national income or GDP, and autonomous expenditures, expenditures which are unrelated to national income or GDP. Induced expenditures are graphically depicted as the slope of the aggregate expenditures line, and depend in large part on the marginal propensity to consume. The induced relation between income and expenditures form the foundation of the multiplier effect triggered by changes in autonomous expenditures.
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NORMATIVE ECONOMICS The branch of economics that seeks to recommend the way the economy should operate. It is the policy side of economics that is based on individual preferences and cannot be proven either right or wrong. A normative economic statement cannot be refuted by looking at the real world--that is, by testing hypotheses.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Never let the fear of striking out get in your way. " -- Babe Ruth, baseball player
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LTFV
Less Than Fair Value
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