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SECOND-DEGREE PRICE DISCRIMINATION: A form of price discrimination in which a seller charges the different prices for different quantities of a good. This also goes by the name block pricing. This is possible because the different quantities are purchased by different types of buyers with different demand elasticities. This is one of three price discrimination degrees. The others are first-degree price discrimination and third-degree price discrimination.
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AUTONOMOUS EXPENDITURE: An aggregate expenditure (you know them as consumption, investment, government purchases, and net exports) that is unrelated to national income or gross domestic product. These four aggregate expenditures are conveniently separated into two types, autonomous, which is our current topic of expenditures unrelated to national income or GDP, and induced expenditures, expenditures which ARE related to national income or GDP. Autonomous expenditures cause shocks in the macroeconomy, which result in changes in income and production. These income/production changes then "induce" further changes in aggregate expenditures, our induced expenditures. See also | aggregate expenditures | induced expenditure | consumption expenditures | investment expenditures | government purchases | net exports | gross domestic product | national income | business cycle | multiplier | accelerator |
Recommended Citation:AUTONOMOUS EXPENDITURE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: April 1, 2023].
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SHORT-RUN AGGREGATE MARKET A macroeconomic model relating the price level and real production under the assumption that SOME prices are inflexible, especially resource prices. This is one of two aggregate market submodels used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The other is the long-run aggregate market. The short-run aggregate market isolates the interaction between aggregate demand and short-run aggregate supply. The key assumption of this model is that SOME prices, especially resource prices, are inflexible. The primary result of this model is that the economy can achieve short-run equilibrium at real production that is either greater than or less than full-employment.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either one of those "hang in there" kitty cat posters or a velvet painting of Elvis Presley. Be on the lookout for deranged pelicans.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"If we all did the things we are capable of doing, we would literally astound ourselves." -- Thomas Edison
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AS-AD
Aggregate Supply-Aggregate Demand Model
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