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PERSONAL CONSUMPTION EXPENDITURES: The official item in the National Income and Product Accounts maintained by the Bureau of Economic Analysis measuring household consumption expenditures on gross domestic product. Personal consumption expenditures are far and away the largest and tends to be the most stable of the four expenditures, averaging about 65-70% of gross domestic product. The other official expenditures included in the National Income and Product Accounts are gross private domestic investment, government consumption expenditures and gross investment, and net exports of goods and services.

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Lesson 8: Market Shocks | Unit 2: Determinants Page: 5 of 20

Topic: Demand <=PAGE BACK | PAGE NEXT=>

Five basic demand determinants:
  • Income: For a normal good an increase in income means an increase in demand. For an inferior good an increase in income means a decrease in demand.
  • Tastes: If people want more of a good, then demand increases.
  • Prices of other goods: A higher price of a substitute good means an increase in demand. A higher price of a complement good means an decrease in demand.
  • Buyer's expectations: If buyers expect higher prices tomorrow, they increase demand today.
  • Number of buyers: More buyers mean more demand.

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COMPTROLLER OF THE CURRENCY

An agency of the U.S. Federal government responsible for chartering national banks. In other words, anyone wanting to establish a bank with the word "national" in the title must gain permission from the Office of the Comptroller of the Currency (OCC). The Comptroller is also responsible for regulating banks and might even assume control of a bank that is in serious trouble (that is, on the verge of failure). Although the term "currency" appears in the title, the Office of the Comptroller of the Currency is primarily a bank regulator and has almost nothing to do with the nation's "currency." The OCC was established in 1863 as a bureau of the U.S. Department of the Treasury and is located in Washington, D.C.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time watching infomercials looking to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for high interest rates.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
"In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later. "

-- Harold S. Green, MCI founder

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