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NOMINAL: The actual dollar price of stuff when it's bought or sold. The contrast is with the term real, which is actual value adjusted for price changes or inflation.

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Lesson 10: Utility and Demand | Unit 5: Beyond Demand Page: 18 of 21

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  • As consumers we are concerned with all sorts of decisions.
  • Consumer demand theory, utility, and the law of diminishing marginal utility play a key part in these decisions.

  • Consumer demand theory also helps explain why you might...
    • Watch Gilligan's Island rather than Star Trek.
    • Watch Gilligan's Island rather than reading a book.
    • Hang out with friends watching Gilligan's Island the night before an exam rather than studying.
    • Vote in major Presidential elections but not in local referendums.
    • Steal hundreds of dollars of office supplies from your work over a period of years.
    • Stop on a highway to help a complete stranger fix a flat tire.

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AGGREGATE EXPENDITURES LINE

A graphical depiction of the relation between aggregate expenditures by the four macroeconomic sectors (household, business, government, and foreign) and the level of aggregate income or production. In Keynesian economics, the aggregate expenditures line is the essential component of the Keynesian cross analysis used to identify equilibrium income and production. Like any straight line, the aggregate expenditures line is characterized by vertical intercept, which indicates autonomous expenditures, and slope, which indicates induced expenditures. The aggregate expenditures line used in Keynesian economics is derived by adding or stacking investment, government purchases, and net exports to the consumption line.

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Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for letters from the Internal Revenue Service.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"The will to win is important, but the will to prepare is vital. "

-- Joe Paterno, football coach

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