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HOUSEHOLD SECTOR: The basic macroeconomic sector that includes the entire, wants and-needs-satisfying population of the economy. The household sector is the eating, breathing, consuming population of the economy. In a word "everyone," all consumers, all people. This sector includes everyone seeking to satisfy unlimited wants and needs. While it's called "household" sector, this doesn't require that you own a house, live in a house, or even know someone has ever seen a house to be included. The term household sector is merely a short-cut used by economists to indicate the consuming, wants-and-needs-satisfying population.

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Lesson 13: Aggregate Demand | Unit 3: The Curve Page: 13 of 22

Topic: Interest-Rate Effect <=PAGE BACK | PAGE NEXT=>

Changes in the interest rate can alter consumption and investment spending.

Changes in the investment and consumption spending that occur when changes in the price level cause changes in the interest rate is the interest-rate effect.

  • Investment and consumption expenditures are made with borrowed funds. The interest rate affects the cost of borrowing these funds.
  • The price level affects the interest rate:
    • A higher price level induces a higher interest rate, which raises the cost of borrowing and discourages investment and consumption.
    • A lower price level induces a lower interest rate, which reduces the cost of borrowing and encourages investment and consumption.

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PRODUCT

A generic term for a tangible good or an intangible service that is the output or end result of the resource transformation process of a business firm. This notion of product usually surfaces in the context of analyzing the short-run production of a firm, often modified by the terms total, marginal, and average, as in total product, marginal product, and average product.

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[What's This?]

Today, you are likely to spend a great deal of time at an auction looking to buy either throw pillows for your living room sofa or a hepa filter for your furnace. Be on the lookout for celebrities who speak directly to you through your television.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. "

-- George Lucas

LAD
Least Absolute Deviations
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