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INCOME-EXPENDITURE MODEL: A macroeconomic model, which captures the essence of Keynesian economics, is based on the equality between total income generated from gross domestic product and total expenditures on gross domestic product. The cornerstone of the income-expenditure model is the consumption function, which relates household consumption expenditures to income and gives rise to the aggregate expenditure line with the addition of investment, government purchases, and net exports. The intersection between the aggregate expenditure line at the 45-degree identifies equilibrium.
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BROWN PRAGMATOX
Your compete MICRO*scope for today
You are the type of person who generally weighs benefits against costs, but the costs usually win. Family and friends take you shopping whenever they buy big, bulky items that require a lot of lifting. Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either software that won't crash your computer or any book written by Stephan King. Be on the lookout for the last item on a shelf. You should consider shopping at stores or businesses beginning with the letter B, but do not buy any products with a serial number or product code containing the number 732135. Your preferred shopping venue is thrift stores. Your special symbol is the comma (,).
Is this You?
As a Brown Pragmatox, you are down-to-earth and practical. You are hard working and industrious. You are frugal to the point that you might even refrain from making a purchase that you really, really need. Doing so often causes problems down the road. You definitely go with function over form and substance over style.
This isn't me! What am I?
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PRINCIPLE A generally accepted, verified, proven, fundamental law of nature. A principle captures a cause-and-effect relation about the workings of the world that has been tested and verified through the scientific method. The law of demand, law of increasing opportunity cost, and law of diminishing marginal utility are three fundamental (and extremely important) economic principles.
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On The Lookout For A RECESSIONOne pitfall facing any pedestrian who explores the intricate details of the economy is large potholes lurking along the path. LOOK OUT! You can probably expect a few bumps and bruises from abruptly introducing your face to the pavement. But, after the cast hardens and the gashes have been stitched, you can be on your way. A little more experienced, no doubt, but forging ahead in spite of it all. Our economy also steps into an occasional pothole in route to an expanding economic pie. Recession is the nifty term we use for this sort of economic pothole and it will be are our topic for the next few pages. OH NO! LOOK OUT!
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires." -- William Ward ‚ Texas Wesleyan University Administrator
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IARA
Increasing Absolute Risk Aversion
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