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ECONOMIES OF SCOPE: A production process in which it is cheaper to produce two (or more) products together rather than separately. This property is also termed joint production. For example the production of beef also results in the production of leather and the production of lumber also results in the production of sawdust. Economies of scope can be beneficial, that is, giving a producer multiple products to sell. But it can also be problematic when one of the joint products is undesirable, such as pollution or waste residual.

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Lesson 13: Aggregate Demand | Unit 2: Doing More Page: 4 of 22

Topic: Expenditures <=PAGE BACK | PAGE NEXT=>

Aggregate demand is expenditures made by all members of society, that is, aggregate expenditures.

A definition:

Aggregate expenditures are the total expenditures on gross domestic product undertaken in a given time period.

  • Society is grouped into four sectors, households, business, government, and foreign.

Expenditures by each sector are:

  • Household Consumption
  • Business Investment
  • Government Government Purchases
  • Foreign Net exports

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PROPERTY RIGHTS

The legal ownership of resources, which entitles the owners to receive the benefits or pay the costs associated with productive activities of the resources. Property rights can be owned individually (to the exclusion of others) or jointly by several members of society. The institution of private property is a form of property rights essential to capitalism.

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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for strangers with large satchels of used undergarments.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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