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SEVEN RULES: Seven key economic principles underlying the study of economics and the operation of the economy. These seven rules are: first -- scarcity, second -- subjectivity, third -- inequality, fourth -- competition, fifth -- imperfection, sixth -- ignorance, and seventh -- complexity.
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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 |
Recommended Citation:MARGINAL PROPENSITY TO CONSUME, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2017. [Accessed: August 23, 2017].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: marginal propensity to consume
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MARGINAL REVENUE PRODUCT The change in total revenue resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal revenue product, usually abbreviated MRP, is found by dividing the change in total revenue by the change in the variable input or by multiplying marginal physical product by marginal revenue. This is also termed value of the marginal product. Marginal revenue product is a key concept for understanding the demand for productive inputs.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for celebrities who speak directly to you through your television.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"Be a yardstick of quality. Some people aren't used to an environment where excellence is expected. " -- Steve Jobs, Apple Computer co-founder
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VAT
Value Added Tax
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