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September 25, 2018 

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REGULATORY FORCES: Forces in the marketing environment that depend on various government regulatory agencies that impact how an organization operates on a daily basis. An example is the Federal Trade Commission (FTC), which monitors advertising, deceptive labeling, and false or misleading information. Agencies such as the FTC have powers to enforce regulations through fines and other penalties. Other regulatory agencies are: Food and Drug Administration (FDA), Federal Communications Commission (FCC), Environmental Protection Agency (EPA), and Consumer Product Safety Commission (CPSC).

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INTERSECTION: In a graph the point at which two lines cross. In a more sophisticate mathematical view, the combination of two variables that simultaneously satisfy two separate relations. The most common intersection in economics involves the demand and supply curves. The equilibrium price and equilibrium quantity are the two variables that simultaneously satisfy the demand and supply relations (law of demand and law of supply). Most graphical intersection points are worth noting in the study of economics. More often than not an intersection point is also an equilibrium.

     See also | graph | curve | variable | market | demand | supply | equilibrium price | equilibrium quantity |


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MARGINAL PROPENSITY TO CONSUME

The proportion of each additional dollar of household income that is used for consumption expenditures. The marginal propensity to consume (abbreviated MPC) is another term for the slope of the consumption line and is calculated as the change in consumption divided by the change in income. The MPC plays a central role in Keynesian economics. It quantifies the consumption-income relation and the fundamental psychological law. It is also a foundation for the slope of the aggregate expenditures line and is critical to the multiplier process. A related consumption measure is the average propensity to consume.

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Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for the happiest person in the room.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
"If I'm selecting a group, the first thing I look for is a record of achievement . . . If (candidates achieve) in small things, there's a very good chance they'll perform well in big things. "

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