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February 21, 2017 

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AGGREGATE EXPENDITURE EQUATION: An equation indicating that aggregate expenditures (AE) are the sum of consumption expenditures (C), investment expenditures (I), government purchases (G), and net exports (X-M), stated as: AE = C + I + G + (X-M). This equation surfaces in the Keynesian economic income-expenditure model in the form of the aggregate expenditures line. However, it's also central throughout the study of macroeconomics, including aggregate demand and the measurement of gross domestic product.

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MORAL HAZARD: Moral hazard occurs when a person changes behavior to the detriment of another person, after an agreement has been reached. This is an important information problem with insurance. The problem is that the harmed party does not have information concerning the change in behavior.

     See also | information | insurance | risk | deposit insurance | bank failure | rate of return | government | adverse selection | signalling |


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ELASTIC DEMAND

The general demand relation in which relatively small changes in price cause relatively large changes in quantity demanded. Small changes in price cause relatively large changes in quantity demanded or the percentage change in quantity demanded is larger than the percentage change in price. This characterization of elasticity is most important for the price elasticity of demand. Elastic demand is one of two general elasticity relations for demand. The other is inelastic demand.

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APLS

State of the ECONOMY

Housing Starts
November 2016
1,090,000
Down 18.7% from Oct. 2016: U.S. Census Bureau

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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a desktop calendar with all federal and state holidays highlighted or a half-dozen helium filled balloons. Be on the lookout for jovial bank tellers.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"No man, for any considerable time, can wear one face to himself and another to the multitude without finally getting bewildered as to which may be true."

-- Nathanial Hawthorne, Author

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