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DISPOSABLE INCOME AND PERSONAL INCOME: Disposable income (DI) is the total income that can be used by the household sector for either consumption or saving during a given period of time, usually one year. Personal income (PI) is the total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. Disposable income is after-tax income that is officially calculated as the difference between personal income and personal tax and nontax payments. In the numbers game, personal tax and nontax payments are about 15 percent of personal income, which makes disposable personal income about 85 percent of personal income.

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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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VALUE

The worth members of society place on a good, service, resource, commodity, or other asset, which is based on the direct or indirect satisfaction of wants and needs generated. In an economy that uses markets to exchange commodities, value is commonly indicated by price and measured by the economy's monetary unit.

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Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for the last item on a shelf.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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