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January 17, 2018 

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SHORT-RUN AGGREGATE SUPPLY: The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a period of time in which some prices, especially wages, are rigid, inflexible, or otherwise in the process of adjusting. Short-run aggregate supply (SRAS) is one of two aggregate supply alternatives, distinguished by the degree of price flexibility; the other is long-run aggregate supply. Short-run aggregate supply is combined with aggregate demand in the short-run aggregate market analysis used to analyze business-cycle instability, unemployment, inflation, government stabilization policies, and related macroeconomic topics.

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CONSUMPTION FUNCTION: The positive relation between household consumption expenditures and household disposable income that forms one of the key building blocks for Keynesian economics. The consumption function is commonly presented as the consumption line or propensity-to-consume line. The slope of this line is the marginal propensity to consume, which is the proportion of any additional income used for consumption. The consumption function and the marginal propensity to consume play key roles in the multiplier and accelerator concepts. Because saving is the difference between disposable income and consumption, the saving function is a complementary relation to the consumption function.

     See also | Keynesian economics | consumption expenditures | disposable income | consumption line | multiplier | accelerator | saving function | income-expenditure model | marginal propensity to consume | induced consumption | autonomous consumption |


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PROPRIETORSHIP

A business organization that is owned and operated by one person. The owner and the business are legally considered one and the same. As such, the owner receives any and all profit and is responsible for any and all debts, what is termed unlimited liability. A proprietorship is one of the three basic forms of business organization. The other two are partnership and corporation. A large number of proprietorships exist in the economy, but they tend to be relatively small operations.

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