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June 19, 2018 

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ANNUAL: A standard 12-month period, or one year, used for reporting economic and financial data. Gross Domestic Product and related measures are noted economic data released annually. Many businesses also provide annual financial reports. Another standard reporting period is the quarter.

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PRODUCTION TIME PERIODS: Alternative time periods used to differentiate between variable inputs and fixed inputs that are key to the analysis of short-run production and long-run production by a firm. The two primary time periods are short run and long run. Two secondary periods are very short run (market period) and very long run. Time periods are specified based on the number of inputs that are fixed or variable.

     See also | short run, microeconomics | long run, microeconomics | very short run, microeconomics | very long run, microeconomics | production inputs | fixed input | variable input | production | production cost | variables | labor | capital | law of supply | economic analysis | marginal analysis | factors of production | microeconomics | market | price | quantity supplied | short-run production analysis | long-run production analysis | production function | product | total product | marginal product | average product | law of diminishing marginal returns | marginal returns | production stages | division of labor | production possibilities |


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PRODUCTION TIME PERIODS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: June 19, 2018].


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MARGINAL PROPENSITY TO CONSUME

The proportion of each additional dollar of household income that is used for consumption expenditures. The marginal propensity to consume (abbreviated MPC) is another term for the slope of the consumption line and is calculated as the change in consumption divided by the change in income. The MPC plays a central role in Keynesian economics. It quantifies the consumption-income relation and the fundamental psychological law. It is also a foundation for the slope of the aggregate expenditures line and is critical to the multiplier process. A related consumption measure is the average propensity to consume.

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