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AGGREGATE DEMAND DETERMINANT: A ceteris paribus factor that affects aggregate demand, but which is assumed constant when the aggregate demand curve is constructed. Changes in any of the aggregate demand determinants cause the aggregate demand curve to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate demand curve to shift, it's usually most convenient to group them into the four, broad expenditure categories -- consumption, investment, government purchases, and net exports. The reason is that changes in these expenditures are the direct cause of shifts in the aggregate demand curve. If any determinant affects aggregate demand it MUST affect one of these four expenditures.

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Lesson 3: Scarcity | Unit 1: The Concept Page: 2 of 17

Topic: So What? <=PAGE BACK | PAGE NEXT=>

We live in a big, bad world of scarcity.

Meaning:

  • There's never enough resources to produce everything that everyone wants,
  • Some people have to do without some of the stuff that they want or need,
  • The same resources can not be used to produce two different goods at the same time, and
  • Doing one thing, producing one good, performing one activity, forces you to give up something else.

Then:

  • Scarcity is what the study of economics is all about.

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MARGINAL PROPENSITY TO IMPORT

The change in imports purchased from the foreign induced by a change in income or production (national income or gross domestic product). The marginal propensity to import (abbreviated MPM) is another term for the slope of the imports line and is calculated as the change in imports divided by the change in income or production. The MPM plays a role in Keynesian economics. It augments the slope of the aggregate expenditures line and is part to the multiplier process. A related marginal measure is the marginal propensity to consume.

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GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a set of tires or a birthday gift for your grandfather. Be on the lookout for infected paper cuts.
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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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Subgame Perfect Equilibrium
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