March 23, 2018 

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SPATIAL DIFFERENTIATION: The notion that economic activity is not evenly dispersed across the land. That is, goods, services, resources, production, and consumption are more concentrated at some locations and less concentrated at other locations due to natural endowments and human activity. The result is that no two location points have exactly the same access to inputs or outputs. This is a fundamental principle underlying the study of urban and regional economics and implies that firms and households must include transportation cost and location in production and consumption decisions.

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Lesson 13: Aggregate Demand | Unit 2: Doing More Page: 6 of 22

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

The business sector is the group responsible for investment expenditures.

Investment is the expenditures by the business sector on final goods and services, mainly capital goods like factories and equipment, undertaken in a given time period.

Three specific categories of investment:

  • Fixed structures Buildings, factories, housing.
  • Equipment Machinery and tools.
  • Inventories Raw materials and unsold goods.
Investment is the most volatile of our four expenditures.

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The total satisfaction of wants and needs obtained from the use or consumption of a good or service. This is the cumulative amount of utility generated from consuming a good over a given time period. Total utility is most often used in consumer demand theory to indicate how much overall satisfaction someone obtains from a given activity. The primary behavioral motivation used in consumer demand theory is the goal of maximizing total utility. Total utility is also used to derive marginal utility.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or decorative garden figurines. Be on the lookout for celebrities who speak directly to you through your television.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

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