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EFFICIENT: The state of resource allocation the exists when the highest level of consumer satisfaction is achieved from the available resources. Competitive markets, absent of any market failure and especially market control by either side, is efficient. In particular, this feat is accomplished when the price buyers are willing and able to pay for a good--based on the satisfaction obtained--is equal to the price sellers need to charge for a good--based on the opportunity cost of production. In other words, the value (satisfaction) of stuff given up to get a good is the same as the value (satisfaction) of the good produced. Satisfaction won't increase by producing more of either.
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AGGREGATE EXPENDITURES DETERMINANTS Ceteris paribus factors, other than aggregate income or production, that are held constant when the aggregate expenditures line is constructed and which cause the aggregate expenditures line to shift when they change. Some of the more important aggregate expenditures determinants are interest rates, expectations, fiscal policy, wealth, and exchange rates.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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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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AMEX
American Stock Exchange
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