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INDUCED EXPENDITURE: An aggregate expenditure (consumption, investment, government purchases, and net exports) that depends on national income or gross domestic product. These four aggregate expenditures are conveniently separated into two types, induced, which is our current topic of expenditures unrelated to national income or GDP, and autonomous expenditures, expenditures which are unrelated to national income or GDP. Induced expenditures are graphically depicted as the slope of the aggregate expenditures line, and depend in large part on the marginal propensity to consume. The induced relation between income and expenditures form the foundation of the multiplier effect triggered by changes in autonomous expenditures.

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

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In this unit, you should have learned about:
  • How the principles of consumer demand are important to many activities beyond standard economic activity.
  • How elasticity, which is the responsiveness of quantity demanded to demand price, is related to utility.
  • Why production and supply decisions are comparable to consumption and demand decisions.

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SCIENCE

A discipline, or topic of study, that uses the scientific method to investigate and explain the operation of the world by testing and verifying hypothesized relations. Science is commonly divided into physical sciences (including chemistry, physics, and biology) and social sciences (including economics, sociology, and political science). Science is not just a subject, but a method of investigation using the scientific method.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for jovial bank tellers.
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In the early 1900s around 300 automobile companies operated in the United States.
"An idea is never given to you without you being given the power to make it reality."

-- Richard Bach, Author

PPI
Producer Price Index
A PEDestrian's Guide
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