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September 15, 2019 

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WHEALER-LEA ACT: This was a major amendment to the Federal Trade Commission Act, passed in 1938, that gave powers to the Federal Trade Commission to investigate unfair and deceptive business practices and to prevent false advertising. The Whealer-Lea Act was a major step in moving the Federal Trade Commission into its current role as more of a consumer protection agency than a monopoly buster.

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MACRO GOALS: The three goals of a mixed economy that are most relevant to the study of macroeconomics are full employment, stability, and economic growth. Full employment is the condition in which all of the economy's available resources are engaged in the production of goods and services. Stability is the condition in which the economy avoids large changes in production, employment, and especially prices. Economic growth is the condition in which the economy's production possibilities are expanding over time.

     See also | economic goals | micro goals | mixed economy | macroeconomics | full employment | stability | economic growth | price stability | unemployment | unemployment rate | natural unemployment rate | gross domestic product | employment | price level | inflation | business cycle | production possibilities | growth rate |


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AUTONOMOUS EXPENDITURES

Expenditures on aggregate production by the four macroeconomic sectors that do not depend on income or production (especially national income or even gross domestic product). That is, changes in income do not generate changes in these expenditures. Each of the four aggregate expenditures--consumption, investment expenditures, government purchases, and net exports--have an autonomous component. Autonomous expenditures are affected by the ceteris paribus aggregate expenditures determinants and are measured by the intercept term of the aggregate expenditures line. The alternative to autonomous expenditures are induced expenditures, expenditures which do depend on income.

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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 cell phone case or a pair of designer sunglasses. Be on the lookout for defective microphones.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
"Most human beings have an almost infinite capacity for taking things for granted. "

-- Aldous Huxley, writer

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