Google
Sunday 
April 14, 2024 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
VERY LONG RUN, MICROECONOMICS: A production time period in which all inputs are variable, including those under control of the firm and those beyond the control of the firm. During the very long run, not only are the labor, capital, land, and entrepreneurship inputs variable, but so too are key production inputs such as government rules, technology, and social customs. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very short run.

Visit the GLOSS*arama


NONDURABLE GOODS, CONSUMPTION:

Personal consumption expenditures on tangible goods that tend to last for less than a year. Common examples are food, clothing, and gasoline. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods and services. Nondurable goods are about 30 percent of personal consumption expenditures and 20 percent of gross domestic product.
Nondurable goods are consumption goods purchased by the household sector that generally have a useful, satisfaction-providing existence of shorter than a year. Household expenditures on nondurable goods are generally unaffected by business cycles. In good times and bad, the household sector continues to purchase nondurable goods at a relatively constant pace.

The three main subcategories of nondurable goods in the National Income and Product Accounts are "food," "clothing and shoes," and "gasoline and oil." Food, as might be expected is half of the nondurable goods expenditures. Clothing and shoes constitute about 18 percent and gasoline and oil comes in at about 7 percent of nondurable goods expenditures. The remaining 25 percent of nondurable goods purchased by the household sector includes "fuel oil and coal" (less than 1 percent) and a handy catch-all "other" category (which is the bulk of the remaining 25 percent).

These categories are straightforward and do not require much explanation. The "food" entry is obviously food, "clothing and shoes" is, well, clothing and shoes, and "gasoline and oil" is gasoline and oil. The "other" category includes any nondurable good not classified elsewhere, including such things as pencils, newspapers, shampoo, and plastic picnic spoons.

<= NOMINAL GROSS DOMESTIC PRODUCTNONPAYER EXCLUDABILITY =>


Recommended Citation:

NONDURABLE GOODS, CONSUMPTION, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 14, 2024].


Check Out These Related Terms...

     | durable goods, consumption | services, consumption | gross private domestic investment | government consumption expenditures and gross investment | net exports of goods and services | fixed investment | change in private inventories |


Or For A Little Background...

     | personal consumption expenditures | gross domestic product, expenditures | consumption | consumption expenditures | household sector | gross domestic product | production | product markets | National Income and Product Accounts | Bureau of Economic Analysis | National Bureau of Economic Research |


And For Further Study...

     | macroeconomic sectors | circular flow | business cycles | gross domestic product, ins and outs | gross domestic product, income | gross domestic product, welfare | net domestic product | national income | personal income | disposable income | gross national product | real gross domestic product | saving | unemployment | inflation |


Related Websites (Will Open in New Window)...

     | Bureau of Economic Analysis |


Search Again?

Back to the WEB*pedia


APLS

GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time wandering around the shopping mall trying to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for small children selling products door-to-door.
Your Complete Scope

This isn't me! What am I?

The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
"Success doesn't come to you . . . you go to it "

-- Marva Collins, Educator

RCPC
Regional Check Processing Center
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2024 AmosWEB*LLC
Send comments or questions to: WebMaster