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SLOPE, PRODUCTION POSSIBILITIES CURVE: The numerical value of the slope of the production possibilities curve is the opportunity cost of producing the good measured on the horizontal axis.

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AUTONOMOUS CONSUMPTION: Household consumption expenditures that are unrelated to income or production (especially disposable, national income, or gross national product). These are consumption expenditures that would occur even if household disposable income was zero. Autonomous consumption is graphically depicted as the vertical intercept of the consumption or propensity-to-consume line. Autonomous saving is the equal to the negative value of autonomous consumption. Changes in autonomous consumption, along with changes in other autonomous expenditures, are what trigger the multiplier effect.

     See also | consumption expenditures | disposable income | gross domestic product | consumption line | autonomous saving | autonomous expenditure | multiplier | induced consumption |


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AUTONOMOUS CONSUMPTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: June 17, 2024].


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ASSUMPTIONS, CLASSICAL ECONOMICS

Classical economics, especially as directed toward macroeconomics, relies on three key assumptions--flexible prices, Say's law, and saving-investment equality. Flexible prices ensure that markets adjust to equilibrium and eliminate shortages and surpluses. Say's law states that supply creates its own demand and means that enough income is generated by production to purchase the resulting production. The saving-investment equality ensures that any income leaked from consumption into saving is replaced by an equal amount of investment. Although of questionable realism, these three assumptions imply that the economy would operate at full employment.

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