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NONDURABLE GOODS, CONSUMPTION: Personal consumption expenditures on tangible goods that tend to last for less than a year. Common examples are food, clothing, and gasoline. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods and services. Nondurable goods are about 30% of personal consumption expenditures and 20% of gross domestic product.

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Lesson 14: Aggregate Supply | Unit 2: Two Options Page: 4 of 20

Topic: Time Periods <=PAGE BACK | PAGE NEXT=>

Production of goods and services takes time.Two time periods:
  • Long run A period in which all prices are flexible. Long run price flexibility means that all markets are in equilibrium.
  • Short run A period in which some prices are flexible and some are rigid. Short run price rigidity leads to disequilibrium in resource markets, even though product and financial markets are in equilibrium.
  • In the short run, disequilibrium in resource markets (especially labor) means that jobs remain unfilled or some workers are unemployed, even though we have equilibrium in the product markets, with satisfied buyers and sellers.

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BALANCE ON MERCHANDISE TRADE

A subset of the balance of payments current account that records the difference between the payments received for exports of goods to other nations and the payments made for the imports of goods from other nations. The goods included are physical or tangible goods, but not intangible services. The balance on merchandise trade is thus appropriately divided into merchandise exported and merchandise imported. Two other subsets of the current account include the balance on services and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.

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Today, you are likely to spend a great deal of time at a flea market wanting to buy either a revolving spice rack or a how-to book on home repairs. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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