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INCOME-EXPENDITURE MODEL: A macroeconomic model, which captures the essence of Keynesian economics, is based on the equality between total income generated from gross domestic product and total expenditures on gross domestic product. The cornerstone of the income-expenditure model is the consumption function, which relates household consumption expenditures to income and gives rise to the aggregate expenditure line with the addition of investment, government purchases, and net exports. The intersection between the aggregate expenditure line at the 45-degree identifies equilibrium.
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PERFECT COMPETITION, MARGINAL ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This marginal approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of total revenue and total cost.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"Never let the fear of striking out get in your way. " -- Babe Ruth, baseball player
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PPC
Production Possibilities Curve
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