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DOMESTIC: Anything that has to do with activity within the boundaries of a nation. This should be directly contrasted with the term foreign, which refers to anything beyond the boundaries of a nation.

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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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MACROECONOMICS

The branch of economics that studies the entire economy, especially such topics as aggregate production, unemployment, inflation, and business cycles. It can be thought of as the study of the economic forest, as compared to microeconomics, which is study of the economic trees.

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BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time lost in your local discount super center seeking 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 jovial bank tellers.
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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"The more you praise and celebrate your life, the more there is in life to celebrate."

-- Oprah Winfrey

IRR
Internal Rate of Return
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