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KEYNESIAN AGGREGATE SUPPLY CURVE: A modification of the standard aggregate supply curve used in the aggregate market (or AD-AD) analysis to reflect the basic assumptions of Keynesian economics. The Keynesian aggregate supply curve contains either two or three segments. The strict Keynesian aggregate supply curve contains two segments, a vertical classical range and a horizontal Keynesian range, meeting a right angle and forming a reverse L-shape. An alternative version replaces the right angle intersection with a gradual transition between the two segments that is positively sloped and termed the intermediate range. The modern aggregate supply curve is largely based on this intermediate range.

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Lesson 13: Aggregate Demand | Unit 2: Doing More Page: 5 of 22

Topic: Consumption Expenditures <=PAGE BACK | PAGE NEXT=>

The household sector is the group responsible for the consumption part of the aggregate expenditures.

Consumption is the expenditures by the household sector on final goods and services undertaken in a given time period.

Three specific categories of consumption:

  • Nondurable goods Goods lasting less than a year.
  • Durable goods Goods lasting more than a year.
  • Services Intangible activities.
Each consumption category plays a different role in the macroeconomy.

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SHORTAGE

A condition in the market in which the quantity demanded is greater than the quantity supplied at the existing price. Because buyers are unable to buy as much of the good as they want, a shortage generally causes an increase in the market price, which then acts to restore equilibrium. A shortage, which also goes by the terms excess demand and sellers' market, is one of two basic states of disequilibrium for the market. The other is surplus.

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Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a microwave over that won't burn your popcorn or a T-shirt commemorating the first day of winter. Be on the lookout for pencil sharpeners with an attitude.
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More money is spent on gardening than on any other hobby.
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