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GROUP OF SEVEN: The seven of the most advanced and industrialized nations of the world (abbreviated G-7)--the United States, Britain, France, Italy, Canada, Germany, and Japan--that meet regularly to coordinate fiscal and monetary policies. Their actions are based on the proposition that our global economy and the individual countries are better off through cooperation than conflict.

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Lesson 10: Utility and Demand | Unit 4: On To Demand Page: 17 of 21

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • How the demand for a good can be analyzed by comparing the marginal utility-price ratio for one good with the marginal utility-price for other goods.
  • Why price changes that force a readjustment of the rule of consumer equilibrium.
    • Higher prices force the marginal utility to increase, which is accomplished with a decrease in quantity.
    • Lower prices force the marginal utility to decrease, which is accomplished with an increase in quantity.
  • How the law of demand can be explained by the law of diminishing marginal utility.
  • How the marginal utility curve can be converted to a demand curve.

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INTEREST RATES, AGGREGATE EXPENDITURES DETERMINANT

One of several specific aggregate expenditures determinants assumed constant when the aggregate expenditures line is constructed, and that shifts the aggregate expenditures line when it changes. A decrease in interest rates cause an increase (upward shift) of the aggregate expenditures line. An increase in interest rates cause a decrease (downward shift) of the aggregate expenditures line. Other notable aggregate expenditures determinants include consumer confidence, federal deficit, inflationary expectations, and exchange rates.

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BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?

Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"The only place success comes before work is in the dictionary. "

-- Vince Lombardi

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