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MARGINAL PROPENSITY FOR GOVERNMENT PURCHASES: The proportion of each additional dollar of national income that is used for government purchases. Or alternatively, this is the change in government purchases due to a change in national income. Abbreviated MPG, the marginal propensity for government purchases is the slope of the government purchases line used in the analysis of Keynesian economics. As such, it also plays a role in the slope of the aggregate expenditure line and the multiplier effect.

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Lesson 7: Market | Unit 1: The Exchange Page: 1 of 22

Topic: What It Is <=PAGE BACK | PAGE NEXT=>

Market is the term we used to indicate voluntary trades among buyers and sellers. These trade involve a mutually agreeable quantity at a mutually agreeable price.

A definition:

A market is an organized exchange of commodities (including resources, goods, and services) among buyers and sellers, during a given time period.

Four important points about markets.

1. Markets are voluntary trades among buyers who want something (the demand side) and sellers who have something (the supply side).

2. The most important items traded are the goods and services that people consume, and the resources used to produce these goods and services.

3. Markets are the voluntary means of facing the scarcity problem. Government is the involuntary way of the facing scarcity problem.

4. Like demand and supply, markets are analyzed over a given time period.


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AVERAGE REVENUE PRODUCT

Total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input or by multiplying average physical product by average revenue. Average revenue product is a part of marginal productivity theory used to analyze the demand for productive inputs.

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APLS

BROWN PRAGMATOX
[What's This?]

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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This isn't me! What am I?

The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

IGARCH
Integrated Generalized Autoregressive Conditional Heteroskedasticity
A PEDestrian's Guide
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