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DERIVATION, AGGREGATE EXPENDITURES LINE: An aggregate expenditures line, a graphical depiction of the relation between aggregate expenditures and the level of aggregate income or production, can be derived by sequentially adding expenditures by the four macroeconomic sectors (household, business, government, and foreign). This derivation process begins with the consumption line, then adds investment, government purchases, and finally net exports. The process actually generates three alternative aggregate expenditures lines based on the number of sectors included (two sector, three sector, and four sector).

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Lesson 22: Factor Supply | Unit 2: Resources Page: 12 of 25

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • Similarities and differences among the four resource categories -- labor, capital, land, and entrepreneurship.
  • How the satisfaction generated by working leads to compensating wages and a backward-bending supply curve.
  • The interaction between financial markets, financial and physical capital, and the internal use of capital services.
  • That the factor supply of land depends the productive service provide -- space or materials.
  • The relation between entrepreneurship and risk and the importance of an entrepreneur's risk preference.


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ORDINAL UTILITY

The notion that utility--the satisfaction of wants and needs achieved through the consumption of goods and services--is measured by a ranking of preferences (first, second, third, etc.) that are only comparable on a relative basis. Ordinal utility does not presume that satisfaction is a measurable characteristic of a person, like height or weight, that can be compared against an established benchmark. The contrasting notion is cardinal utility, which is based on a numerical standard.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius seeking to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for slow moving vehicles with darkened windows.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"I do not believe in a fate that will fall on us no matter what we do. I do believe in a fate that will fall on us if we do nothing. "

-- Ronald Reagan, 40th US president

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