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BUDGET DEFICIT: An excess of budgetary expenditures over revenues. The federal government is well known for its inclination to operate with a budget deficit. But it is not alone. Consumers also find themselves in this position on many occasions. When a budget deficit occurs, the excess spending is financed through borrowing. For the federal government this involves issuing government securities. For households it typically involves some sort of bank loan, credit card purchase, use of savings (borrowing from thyself), or hitting a friend up for a few bucks.
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Lesson 21: Factor Demand | Unit 3: The Curve
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Page: 14 of 24
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Topic:
The Hiring Decision
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- The number of workers the firm is willing to hire for production depends on the marginal revenue product of the workers.
- In particular, the firm compares the wage or price paid each worker with the marginal revenue product generated by the worker.
- It will seek to employ workers up to the quantity in which marginal revenue product is at least as much as the wage.
- The story seems quite clear: If the wage the firm pays workers is $20 per hour, then it will hire only 6 employees.
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INTEREST RATES, AGGREGATE EXPENDITURES DETERMINANT One of several specific aggregate expenditures determinants assumed constant when the aggregate expenditures line is constructed, and that shifts the aggregate expenditures line when it changes. A decrease in interest rates cause an increase (upward shift) of the aggregate expenditures line. An increase in interest rates cause a decrease (downward shift) of the aggregate expenditures line. Other notable aggregate expenditures determinants include consumer confidence, federal deficit, inflationary expectations, and exchange rates.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for celebrities who speak directly to you through your television.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Success is the ability to go from one failure to another with no loss of enthusiasm." -- Sir Winston Churchill
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JPUBE
Journal of Public Economics
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