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AGGREGATE EXPENDITURES: The total expenditures on gross domestic product undertaken in a given time period by the four sectors -- household, business, government, and foreign. Expenditures made by each of these sectors are specifically labeled consumption expenditures, investment expenditures, government purchases, and net exports. Aggregate expenditures (AE) are a cornerstone in the study of macroeconomics, playing critical roles in Keynesian economics, aggregate market analysis, and to a lesser degree, monetarism.
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MARGINAL COST The change in total cost (or total variable cost) resulting from a change in the quantity of output produced by a firm in the short run. Marginal cost (MC) indicates how much total cost changes for a given change in the quantity of output. Because changes in total cost are matched by changes in total variable cost in the short run (total fixed cost is fixed), marginal cost is the change in either total cost or total variable cost. It is found by dividing the change in total cost (or total variable cost) by the change in output. Marginal cost is one of four cost concepts used in short-run production analysis. The other three are average total cost, average fixed cost, and average variable cost.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for malfunctioning pocket calculators.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Argue for your limitations, and sure enough, they're yours." -- Richard Bach
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GSP
Gross State Product
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