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GOVERNMENT PURCHASES DETERMINANTS: Ceteris paribus factors, other than aggregate income or production, that are held constant when the government purchases line is constructed and which cause the government purchases line to shift when they change. Some of the more important government purchases determinants are fiscal policy and politics.

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Lesson 3: Scarcity | Unit 4: College Cost Page: 12 of 17

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An example of the opportunity cost of attending college.
  • Tuition, fees, textbooks, sliderule, etc. ($932.71 per semester) is an explicit opportunity cost.
  • The opportunity cost is all other things that you could have bought with this money-fuzzy dice, hot fudge sundaes, a used Ford Pinto, music CDs.
  • The tuition cost of your college degree is the added up over all semesters ($7,461,68).
However, the TOTAL COST actually goes well beyond this explicit $7,461,68 payment, since there are other costs that don't involve a money payment:
  • By attending school you have foregone alternative activities like working.
  • Unearned income, $15,000 per year, $60,000 for four years, is an extremely important implicit opportunity cost of a college education.
  • Implicit opportunity costs need not have a dollar value attached.
  • The foregone satisfaction from activities like watching television or sleeping, are also implicit opportunity costs.

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AUTONOMOUS EXPORTS

Exports to the foreign sector that do not depend on domestic income or production (especially national income or gross domestic product). Exports depend on foreign income or production, but not on domestic income or production. While other expenditures have both autonomous and induced components, exports are exclusively autonomous. Autonomous exports are a key part of the autonomous part of net exports. Induced net exports are due to induced imports.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either a replacement battery for your pocket calculator or a how-to book on home remodeling. Be on the lookout for strangers with large satchels of used undergarments.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, I used everything you gave me."

-- Erma Bombeck, writer

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