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SLOPE, GOVERNMENT PURCHASES LINE: The positive slope of the government purchases line is also termed the marginal propensity for government purchases (MPG). This slope is greater than zero but less than one, reflecting induced government purchases. The slope of the government purchases line affects the slope of the aggregate expenditures line and thus also affects the magnitude of the multiplier process.
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Lesson 14: Production | Unit 1: Short-Run Production
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Page: 5 of 25
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In this unit, you should have learned about:- Production as the transformation of inputs into outputs an the central role it plays in market supply.
- The difference between fixed inputs, which can not be changed during the period of analysis, and variable inputs, which can be changed.
- Why the standard view is capital as the fixed input and labor as the variable input.
- How fixed and variable inputs are related to the short run and long run.
- Why firms are considered to operate in the short run and long run simultaneously.
- Two alternative production time periods -- market period, in which all inputs and the output is fixed, and very long run, in which all inputs including social institutions and technology beyond the control of the firm are variable.
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PERSONAL INCOME The total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. Personal income (PI) is one of three measures of income reported in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are national income (NI) and disposable income (DI). Two related measures of production are gross domestic product (GDP) and net domestic product (NDP). The primary use of personal income is to measure the income actually paid out to the household sector. After adjusting for income taxes, personal income forms the basis for consumption expenditures on gross domestic product.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for poorly written technical manuals.
Your Complete Scope
This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"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." -- Elizabeth Stuart Phelps, Writer
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AEC
Annual Equivalent Costs
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