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SERVICES, CONSUMPTION: Personal consumption expenditures on activities that provide direct satisfaction of wants and needs without the production of tangible goods. Common examples are information, entertainment, and education. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods (see durable goods, consumption) and nondurable goods (see nondurable goods, consumption). Services are about 60% of personal consumption expenditures and 40% of gross domestic product.

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CONSUMPTION LINE: A graphical depiction of the relation between household consumption expenditures and household disposable income that forms one of the key building blocks for Keynesian economics. The slope of this line is positive, greater than zero, less than one, and goes by the name marginal propensity to consume. The vertical intercept of the consumption line is autonomous consumption. The aggregate expenditures line used in the Keynesian cross is obtained by adding investment, government purchases, and net exports to the consumption line. Because saving is the difference between disposable income and consumption, the saving line is a complementary relation to the consumption line.

     See also | consumption function | Keynesian economics | consumption expenditures | disposable income | marginal propensity to consume | aggregate expenditures | aggregate expenditures line | Keynesian cross | induced consumption | autonomous consumption |


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COMPANY

An organization, usually consisting of more than one person, that combines resources for the production and supply of goods and services. The term company is generally used synonymously with other terms such as business, firm, and enterprise. If a distinction exists, company is used in reference to a group of people engaged in production (as opposed to a single person).

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