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ACCUMULATION: The process of acquiring an item and adding that item to others previously acquired. In an economic context this most often refers to the accumulation of capital, as in the phrase "capital accumulation." However, it is also used in the context of consumer durable goods, financial assets, money, wealth, and a host of other "stock" variables. When applied to capital, the process of accumulation occurs through investment.

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Lesson 9: Consumer Demand | Unit 5: Taking Stock Page: 21 of 22

Topic: Two Considerations <=PAGE BACK | PAGE NEXT=>

  • The law of diminishing marginal utility sets the stage for understanding the law of demand.
  • But it represents only part of the explanation.

  • Two other considerations in our behind the scenes look at demand are:

  • Constrained Choices

  • If marginal utility is not zero, because of constrained utility maximization, then marginal utility is greater than zero and the price buyers are willing to pay is also greater than zero.
  • Other Goods

  • In the real world, I would not merely decide yes or no about the beach. I would weigh beach frolicking with other options.

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AUTONOMOUS SAVING

Household saving that does 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 saving. Autonomous saving is best thought of as a baseline level of saving (usually negative) that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the saving function or the saving line. The alternative to autonomous saving is induced saving, which does depend on income.

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Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for strangers with large satchels of used undergarments.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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