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SLOPE, AGGREGATE EXPENDITURES LINE: The positive slope of the aggregate expenditures line is the sum of the marginal propensity to consume (MPC), marginal propensity to invest (MPI), and marginal propensity for government purchases (MPG), less the marginal propensity to import (MPM). This slope is greater than zero but less than one, reflecting induced expenditures by the four macroeconomic sectors (household, business, government, and foreign). The slope of the aggregate expenditures line determines the magnitude of the multiplier process.

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Lesson Contents
Unit 1: Introduction
  • A Definition
  • Doing Production
  • Entrepreneurship
  • Capital
  • The Industry
  • Unit 1 Summary
  • Unit 2: Objectives
  • Staying Alive
  • Profit And Maximization
  • Real World Firms
  • Natural Selection
  • Unit 2 Summary
  • Unit 3: Legal Types
  • Types
  • Proprietorship
  • Partnership
  • Corporation
  • Other Options
  • Liability
  • Unit 3 Summary
  • Unit 4: U.S. Firms
  • Legal Types
  • By Industry
  • Unit 4 Summary
  • Unit 5: The Bigger Picture
  • Market Structures
  • Business Sector
  • Unit 5 Summary
  • Course Home
    The Firm

    This lesson investigates the nature of firms, especially those in the U.S. economy, including what they are, what they do, and how they operate. Paying careful attention to this lesson is no guaranteed that Duncan will end up with a multi-billion dollar "dot-com" business, but it won't hurt.

    • The first unit of this lesson, Organizing Production, gets us started with an overview of what firms are and their primary function in the economy -- which is production.
    • In the second unit, Objectives, we take a closer look at what motivates firms, especially the pursuit of profit.
    • The third unit, Legal Types, examines the most common legal forms of business firms, including proprietorships, partnerships, and corporations.
    • The fourth unit, U.S. Firms, investigates firms in the United States by the numbers -- including how many, what they are, what they produce.
    • The fifth and final unit, The Bigger Picture, then closes this lesson by discussing the role firms play in the grand economic scheme of things.

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    SHORT RUN, MACROECONOMICS

    In terms of macroeconomic analysis, especially the aggregate market (AS-AD) analysis, a period of time in which some prices, notably wages, are rigid, inflexible, or otherwise in the process of adjusting. This is one of two macroeconomic time designations; the other is the long run. Short-run wage and price rigidity prevents some markets, especially resource markets and most notably labor markets, from achieving equilibrium. Wage and price rigidity and the resulting resource market imbalances are the source of the positively-sloped short-run aggregate supply curve.

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    APLS

    WHITE GULLIBON
    [What's This?]

    Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius looking to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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    This isn't me! What am I?

    A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
    "Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness."

    -- Martin Luther King, Jr., clergyman

    CLI
    Cost of Living Index
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