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December 11, 2018 

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INDUCED SAVING: Household saving that depends on income or production (especially disposable, national income, or gross national product). An increase in household disposable income triggers an increase in induced saving. Induced saving is graphically depicted as the slope of the saving or propensity-to-save line, and is measured by the marginal propensity to save. The induced relation between income and saving, as well as induced expenditures, form the foundation of the multiplier effect triggered by changes in autonomous expenditures.

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MINIMUM EFFICIENT SCALE: The quantity of production that places a firm at the lowest point on its long-run average cost curve. The minimum efficient scale is highly prized by economists because it achieves production of a good at the lowest possible opportunity cost. In other words, it's not possible to produced a good any cheaper than at the minimum efficient scale. At this quantity the production involves foregoing the least amount of other goods.

     See also | production | long-run average cost curve | opportunity cost | economies of scale | increasing returns to scale | diseconomies of scale | decreasing returns to scale |


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MINIMUM EFFICIENT SCALE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: December 11, 2018].


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INFLATION

A persistent increase in the average price level in the economy. It is measured by the inflation rate, the annual percentage change in a price index such as the Consumer Price Index (CPI) or GDP price deflator. Inflation is the most common phenomenon associated with the price level. Two related phenomena are deflation, a decrease in the price level, and disinflation, a decrease in the inflation rate. Inflation is one of two key macroeconomic problems. The other is unemployment.

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