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AGGREGATE EXPENDITURE EQUATION: An equation indicating that aggregate expenditures (AE) are the sum of consumption expenditures (C), investment expenditures (I), government purchases (G), and net exports (X-M), stated as: AE = C + I + G + (X-M). This equation surfaces in the Keynesian economic income-expenditure model in the form of the aggregate expenditures line. However, it's also central throughout the study of macroeconomics, including aggregate demand and the measurement of gross domestic product.

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Lesson 14: Production | Unit 1: Short-Run Production Page: 4 of 25

Topic: Two More Runs <=PAGE BACK | PAGE NEXT=>

  • A couple of other time periods can also come into play for assorted firms:

  • Market Period:

    • The market period is a time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed.

  • Very Long Run:

    • The very long run is a time in which all inputs in the production process are variable and the technology and assorted social institutions affecting production can change.

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AUTONOMOUS CONSUMPTION

Household consumption expenditures that do not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in consumption. Autonomous consumption is best thought of as a baseline or minimum level of consumption that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the consumption function or the consumption line. The alternative to autonomous consumption is induced consumption, which does depend on income.

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