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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 9: Consumer Demand | Unit 1: Demand Theory Page: 3 of 22

Topic: Utility <=PAGE BACK | PAGE NEXT=>

  • Utility is the satisfaction of wants and needs obtained from the consumption or use of goods and services.
  • The terms utility and satisfaction are used interchangeably in economics.
  • Two other terms often used to capture this notion are welfare and well-being.
  • Using the utility notion to analyze market demand entails a couple of points:

  • One, Utility is More than Useful
  • Two, Utility is Not Measurable

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LAND

The naturally occurring resources used in the production of goods and services, including the land itself; the minerals and nutrients in the ground; the water, wildlife, and vegetation on the surface; and the air above. Land also includes the productive dimensions of space and accessibility. This is one of four basic categories of resources, or factors of production. The other three are labor, capital, and entrepreneurship.

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?

Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
"All things are difficult before they are easy."

-- Thomas Fuller, Physician

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