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DERIVATION, AGGREGATE EXPENDITURES LINE: An aggregate expenditures line, a graphical depiction of the relation between aggregate expenditures and the level of aggregate income or production, can be derived by sequentially adding expenditures by the four macroeconomic sectors (household, business, government, and foreign). This derivation process begins with the consumption line, then adds investment, government purchases, and finally net exports. The process actually generates three alternative aggregate expenditures lines based on the number of sectors included (two sector, three sector, and four sector).
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Lesson 11: Elasticity Basics | Unit 4: A Continuum
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Page: 22 of 25
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In this unit, you should have learned about:- The elasticity continuum that ranges from 0 to infinity.
- The five elasticity alternatives -- perfectly elastic, relatively elastic, unit elastic, relatively inelastic, perfectly inelastic.
- Perfectly elastic as the alternative in which price is fixed.
- Relatively elastic as the alternative in which small changes in price cause large changes in quantity.
- Perfectly inelastic as the alternative in which quantity is fixed.
- Relatively inelastic as the alternative in which large changes in price cause small changes in quantity.
- Unit elastic as the alternative in which changes in price are matched by changes in quantity.
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CONSUMPTION RIVALRY Whether or not the consumption of a particular good by one person prevents simultaneous consumption by another person. In other words, does consumption impose an opportunity cost on others. Rival consumption occurs if the consumption by one imposes an opportunity cost on others because others are prevented from consuming the good. Nonrival consumption occurs if the consumption by one does not impose an opportunity cost on others because others are not prevented from consuming the good. When combined with nonpayer excludability, the result is four alternative types of goods -- private, public, common-property, and near-public.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. " -- Muhammad Ali
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AMEX
American Stock Exchange
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