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PHYSICAL WEALTH, AGGREGATE EXPENDITURES DETERMINANT: One of several specific aggregate expenditures determinants assumed constant when the aggregate expenditures line is constructed, and that shifts the aggregate expenditures line when it changes. A decrease in physical wealth causes an increase (upward shift) of the aggregate expenditures line. An increase in physical wealth causes a decrease (downward shift) of the aggregate expenditures line. Other notable aggregate expenditures determinants include consumer confidence, federal deficit, inflationary expectations, and exchange rates.

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Lesson 3: Scarcity | Unit 5: THE Problem Page: 16 of 17

Topic: Solutions? <=PAGE BACK | PAGE NEXT=>

Can we solve the scarcity problem?

Solutions:

  • Make unlimited resources: A solution to a world constrained by limited resources is a world of unlimited resources. It could happen. But is unlikely, even with technological advances.
  • Make wants and needs limited: Another solution could be that everyone has limited wants and needs. Unlimited wants and needs seems basic to human nature. Would we want to make wants an needs limited?

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AVERAGE REVENUE, PERFECT COMPETITION

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a perfectly competitive firm average revenue is also equal to marginal revenue. Average revenue for a perfectly competitive firm is often depicted by a horizontal average revenue curve.

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APLS

WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?

More money is spent on gardening than on any other hobby.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

-- Mark Victor Hansen

PVCF
Present Value Cash Flow
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