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KEYNESIAN EQUILIBRIUM: The state of the macroeconomy in which aggregate expenditures are equal to aggregate output. This is illustrated using the income-expenditure model, or Keynesian cross, as the intersection of the aggregate expenditures line and the 45-degree line. The aggregate expenditures line is the summation of consumption expenditures, investment expenditures, government purchases, and net exports. The 45-degree line represents all combinations in which aggregate expenditures equal aggregate output. Keynesian equilibrium is also represented by the saving-investment, or injection-leakage, model as the intersection between the injection line (investment expenditures, government purchases, and exports) and the leakage line (saving, taxes, and imports).
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EXCLUDABILITY: The ability to keep people who don't pay for a good from consuming the good. For some goods, it's very easy (that is, the cost is low) for owners or producers to keep others from enjoying the benefit of a good. Examples of this abound, like candy bars, shoes, houses, computers, and well a bunch of other stuff. Other goods, however, prove more difficult to keep the nonpayers away. Examples of these include oceans, national defense, and fireworks displays. Excludability is one of the two key characteristics of a good (the other is rival consumption) that distinguishes between common-property goods, near-public goods, private goods, and public goods. See also | good types | rival consumption | common-property good | near-public good | private good | public good | market failure | externalities |
Recommended Citation:EXCLUDABILITY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 18, 2025].
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SUPPLY CURVE A graphical representation of the relation between the supply price and quantity supplied, holding all ceteris paribus supply determinants constant. A supply curve graphically illustrates the law of supply, the direct relation between supply price and quantity supplied for a particular good. It is one half of the standard market model. A demand curve is the other half.
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Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for a thesaurus filled with typos.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"A winner is someone who recognizes his God-given talents, works his tail off to develop them into skills, and uses those skills to accomplish his goals. " -- Larry Bird, basketball player
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Joint Venture
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