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VON THUNEN MODEL: A model of land use develop by Johann von Thunen that illustrates the trade off between land values and the distance from a central point of attraction. While originally applied to agricultural land use, the von Thunen model is commonly used to explain urban land use patterns. Two primary conclusions from the model are (1) that land values decrease as distance from the central point of attraction increases and (2) that different land use activities are contained in concentric rings equal distance from the central point of attraction based on the weight (or transportation cost) of the activity.

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PRODUCTION POSSIBILITIES: The alternative combinations of goods produced if the economy fully uses all available resources. Production possibilities of an economy are limited because resources used to produce goods and services are limited. The basic presentation of production possibilities often takes the form of a production possibilities schedule, which is a table of numbers illustrating a discrete number of production bundles. A slightly more advanced presentation is through a production possibilities curve (or frontier), which is a graph of the alternative production bundles.

     See also | production | economy | resources | production possibilities curve | production possibilities frontier | production possibilities schedule |


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FOUR-SECTOR AGGREGATE EXPENDITURES LINE

A graphical depiction of the relation between aggregate expenditures by the four macroeconomic sectors (household, business, government, and foreign) and the level of aggregate income or production. The four-sector aggregate expenditures line combines consumption expenditures, investment expenditures, government purchases, and net exports. The slope of this aggregate expenditures line is based on the marginal propensity to consume, adjusted for marginal propensities of the other expenditures that are assumed to be induced when constructing the line. This is one of three aggregate expenditures lines based on the number of sectors included. The others are the two-sector aggregate expenditures line and the three-sector aggregate expenditures line.

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