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VARIABLE FACTOR OF PRODUCTION: An input whose quantity can be changed in the time period under consideration. This usually goes by the shorter term fixed input and should be immediately compared and contrasted with fixed factor of production, which goes by the shorter term fixed input. The most common example of a variable factor of production is labor. A variable factor of production provides the extra inputs that a firm needs to expand short-run production. In contrast, a fixed factor of production, like capital, provides the capacity constraint in production. As larger quantities of a variable factor of production, like labor, are added to a fixed factor of production like capital, the variable factor of production becomes less productive.

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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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AGGREGATE DEMAND INCREASE, SHORT-RUN AGGREGATE MARKET

A shock to the short-run aggregate market caused by an increase in aggregate demand, resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the short-run aggregate market results in an increase in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.

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