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August 25, 2016 

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DECREASING RETURNS TO SCALE: A given proportionate increase in all resources in the long run results in a proportionately smaller increase in production. Decreasing returns to scale exists if a firm increases ALL resources -- labor, capital, and other inputs -- by 10%, and output increases by less than 10%. You might want to compare increasing returns to scale and constant returns to scale.

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MARGINAL PROPENSITY TO CONSUME: The proportion of each additional dollar of household income that is used for consumption expenditures. Or alternatively, this is the change in consumption expenditures due to a change in disposable income. Abbreviated MPC, the marginal propensity to consume is the slope of the consumption or propensity-to-consume line that forms the foundation for Keynesian economics. As such, it also takes center stage for the slope of the aggregate expenditure line and the multiplier effect. The sum of the marginal propensity to consume and the related concept, the marginal propensity to save, is equal to one.

     See also | consumption expenditures | disposable income | consumption line | Keynesian economics | multiplier | aggregate expenditures line | marginal propensity to save | marginal propensity to import | marginal propensity to invest |


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MARGINAL PROPENSITY TO CONSUME, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2016. [Accessed: August 25, 2016].


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FACTORS OF PRODUCTION

Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Factors of production are also termed resources or scarce resources.

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Consumer Price Index Urban
November 2015
237.336
Up 0.0% from Oct. 2015 Source: BLS

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