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AGGREGATE EXPENDITURE DETERMINANTS: An assortment of ceteris paribus factors that affect aggregate expenditures, but which are assumed constant when the aggregate expenditure line is constructed. Changes in any of the aggregate expenditures determinants cause the aggregate expenditure line to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate expenditure line to shift, it's usually most convenient to group them into the four, broad expenditure categories -- consumption, investment, government purchases, and net exports. The reason is that changes in these expenditures are the direct cause of shifts in the aggregate expenditure line. If any determinant affects aggregate expenditures it MUST affect one of these four expenditures.

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Lesson 12: Elasticity and Demand | Unit 1: An Overview Page: 3 of 25

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  • A few more elasticity concepts:

  • The numerical value of elasticity is termed the coefficient of elasticity.

  • The coefficient of elasticity is a numerical measure of the relative response of one variable to changes in another variable.
  • The second point of review are the elasticity alternatives:

    • Elastic: The percentage change in quantity is relatively greater than the percentage change in price.

    • Inelastic: The percentage change in quantity is relatively less than the percentage change in price.

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FACTOR DEMAND CURVE

A graphical representation of the relationship between the price to a factor of production and quantity of the factor demanded, holding all ceteris paribus factor demand determinants constant. The factor demand curve is one half of the factor market. The other half is the factor supply curve.

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Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for letters from the Internal Revenue Service.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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