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GOVERNMENT SUBSIDIES: Transfer payments from the government sector to the business sector that do not involve current production. This is one component of the official entry government subsidies less current surplus of government enterprises found in the National Income and Product Accounts maintained by the Bureau of Economic Analysis that separates national income (the resource cost of production) and gross/net domestic product (the market value of production).

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Lesson 6: Supply | Unit 4: Determinants Page: 16 of 19

Topic: Ch...Ch...Changes <=PAGE BACK | PAGE NEXT=>

  • Supply, the whole range of prices and quantities
  • Quantity supplied, a specific quantity supplied at a specific price.
The difference between:
  • Change in supply, we are changing, moving, shifting, the entire supply curve, the whole set of prices and quantities is changing. The five determinants change the supply.
  • Change in quantity supplied, we have moved to a new quantity on an same supply curve. Only the price of the good changes the quantity supplied.
  • This difference lets us analyze cause and effect.
  • Don't confuse these two.

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CONSUMPTION LINE

A graphical depiction of the relation between household sector consumption and income that forms one of the key building blocks for Keynesian economics. A consumption line is characterized by vertical intercept, which indicates autonomous consumption, and slope, which is the marginal propensity to consume and indicates induced consumption. The aggregate expenditures line used in Keynesian economics is derived by adding or stacking investment, government purchases, and net exports to the consumption line. Saving is indicated as the difference between the consumption line and the 45-degree guide line.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for letters from the Internal Revenue Service.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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