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MARGINAL PROPENSITY FOR GOVERNMENT PURCHASES: The proportion of each additional dollar of national income that is used for government purchases. Or alternatively, this is the change in government purchases due to a change in national income. Abbreviated MPG, the marginal propensity for government purchases is the slope of the government purchases line used in the analysis of Keynesian economics. As such, it also plays a role in the slope of the aggregate expenditure line and the multiplier effect.
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WANTS The psychological desires which make life just a little more enjoyable, but which are not biological necessities for life. Psychological wants are often contrasted with physiological needs that make life more enjoyable, but are not essential for existence.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires." -- William Ward ‚ Texas Wesleyan University Administrator
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PO
Pareto Optimal
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