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SAVING: The after-tax disposable income of the household sector that is not used for consumption expenditures. In general terms, saving is the use of income to purchase legal claims through financial markets rather than the direct purchase of physical goods and services. In the macroeconomic world modeled by the circular flow, saving is the diversion of household income away from consumption and into the financial markets. In this model, saving is a primary source of funds used for business investment expenditures for capital goods. Saving is also used to finance government expenditures.

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Lesson 9: Consumer Demand | Unit 3: Marginal Utility Page: 13 of 22

Topic: Getting Satisfied <=PAGE BACK | PAGE NEXT=>

An explanation to understand the law of diminishing marginal utility:

  • The key terms here are satisfaction and fulfillment.

  • The first hour fills Edgar's beach frolicking void somewhat, but not completely.

  • The third and fourth hours at the beach also add to Edgar's total enjoyment, but not as much as the first and second.

  • Eventually, with the sixth or seventh hour, Edgar's beach merriment want (or need) has been totally satiated.

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SAVING

The after-tax disposable income of the household sector that is not used for consumption expenditures. Saving primarily involves the use of income to purchase legal claims through financial markets rather than the direct purchase of physical goods and services (which is consumption expenditures). In the circular flow model, saving is the diversion of household income away from consumption expenditures and into the financial markets, which then flows to business investment expenditures and government purchases. Saving is one of two basic uses of disposable income. The other is consumption expenditures.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for mail order catalogs with hidden messages.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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