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 AGGREGATE EXPENDITURE EQUATION: An equation indicating that aggregate expenditures (AE) are the sum of consumption expenditures (C), investment expenditures (I), government purchases (G), and net exports (X-M), stated as: AE = C + I + G + (X-M). This equation surfaces in the Keynesian economic income-expenditure model in the form of the aggregate expenditures line. However, it's also central throughout the study of macroeconomics, including aggregate demand and the measurement of gross domestic product.
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 Lesson 10: Utility and Demand | Unit 4: On To Demand Page: 16 of 21

 Topic: Marginal Utility Curve <=PAGE BACK | PAGE NEXT=>

• This graph displays the marginal utility curve that captures the relation between marginal utility and the quantity good consumed.

• Our mission is to transform this marginal utility curve into a demand curve.

• All we need to do is change the measure scale on the curve from marginal utility to demand price

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INELASTIC

The general relation between two variables in which relatively large changes in one variable (A) cause relatively small changes in another variable (B). In other words, large changes in variable A cause relatively small changes in variable B or the percentage change in variable B is smaller than the percentage change in variable A. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Inelastic is one of two general elasticity relations between two variables. The other is elastic.

 WHITE GULLIBON[What's This?] Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for door-to-door salesmen.Your Complete Scope
 Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
 "Posterity: you will never know how much it has cost my generation to preserve your freedom. I hope you will make good use of it. "-- John Quincy Adams, 6th U. S. president
 ICCHInternational Commodities Clearing House
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