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January 18, 2019 

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HORIZONTAL AXIS: In a graph, this is one of two lines that intersect at a right angle at their origins. This is the "X-axis" that runs from right and left. In most analyses, the variable measured on the X-axis is consider to be the independent variable.

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Lesson 11: Circular Flow | Unit 1: Basic Flow Page: 3 of 22

Topic: Three Markets <=PAGE BACK | PAGE NEXT=>

The three aggregated markets in the circular flow are:
  • Product markets: The combination of all markets in the economy that exchange final goods and services. These markets are the mechanism that exchanges gross domestic product. These are also termed the aggregate market.
  • Factor markets: These markets exchange the services of the economy's resources, or factor of production--labor, capital, land, and entrepreneurship. These are also called resource markets.
  • Financial markets: These are markets that trade financial instruments, like stocks and bonds. They play an important role in capital investment.

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AUTONOMOUS SAVING

Household saving that does not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in saving. Autonomous saving is best thought of as a baseline level of saving (usually negative) that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the saving function or the saving line. The alternative to autonomous saving is induced saving, which does depend on income.

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?

Al Capone's business card said he was a used furniture dealer.
"Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover."

-- Mark Twain

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General Agreement on Trade in Services
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