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APC: The abbreviation for average propensity to consume, which is the proportion of income, usually measured as disposable income or national income, used for household consumption expenditures. It is found by dividing consumption by income. The average propensity to consume, abbreviated APC, most often pops up in discussions of Keynesian economics. The average propensity to consume is the average amount of total household income that is devoted consumption expenditures.

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Lesson 6: Supply | Unit 4: Determinants Page: 17 of 19

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  • How relaxing the ceteris paribus assumption makes further analysis of supply and markets possible.
  • How the changes in the supply determinants cause rightward or leftward shifts in the supply curve.
  • The five basic supply determinants: resource prices, technology, prices of other goods, sellers' expectations, and number of sellers, and how each shifts the supply curve.
  • How a change in the price of a substitute-in-production affects supply differently than a change in the price of a complement-in-production.
  • Most important of all, the difference between a change in supply, caused by a change in a supply determinant, and a change in quantity supplied, caused by a change in price.


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HOW?

The allocation question that determines the way society's limited resources are combined in the production of goods and services. It can be stated as: How are society's limited resources combined to produce goods and services? This is one of three basic questions of allocation. The other two are What? and For Whom?

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APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?

The word "fiscal" is derived from a Latin word meaning "moneybag."
"A stumble may prevent a fall. "

-- Margaret Thatcher, British prime minister

APR
Annual Percentage Rate
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