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December 7, 2022 

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A PRIORI: A presumption made before an analysis is undertaken, often based on experiences, beliefs, or deductions from seemingly self-evident propositions about how the world works. This is a Latin for assumption or axiom. A similar sounding, but opposite term is a posteriori, which is derived from observation or facts. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", because that just seems to be part of human nature, and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.

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AUTONOMOUS CHANGE: A change in autonomous expenditures that sets in motion a change in the national income and gross domestic product through the multipiler. In terms of Keynesian economics and the Keynesian cross diagram, autonomous changes are seen as shifts in the aggregate expenditures line. Autonomous changes cause changes in income and production which then "induce" further changes in aggregate expenditures, especially consumption expenditures, which are induced changes. This two step process, autonomous changes causing induced changes, is key to explaining business cycle fluctuations.

     See also | autonomous expenditure | induced expenditure | aggregate expenditures line | Keynesian economics | Keynesian cross | multiplier | circular flow | accelerator | business cycle |


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AVERAGE REVENUE AND MARGINAL REVENUE

A mathematical connection between average revenue and marginal revenue stating that the change in the average revenue depends on a comparison between average revenue and marginal revenue. For perfect competition, with no market control, marginal revenue is equal to average revenue, and average revenue does not change. For monopoly and other firms with market control, marginal revenue is less than average revenue, and average revenue falls.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for infected paper cuts.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"Use, do not abuse; neither abstinence nor excess ever renders man happy."

-- Voltaire, philosopher

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Marginal Propensity to Save
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