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Chapter

Textbook Terms & Defintions - Chp. 21

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Department
Economics
Course
ECON 102
Professor
All Professors
Semester
Winter

Description
Chapter 21 Term Definition Desire Aggregate Expenditure (AE) The sum of desired or planned spending on domestic output by households, firms, governments, and foreigners. Autonomous Expenditure Elements of expenditure that do not change systematically with national income. Induced Expenditure Any component of expenditure that is systematically related to national income. Closed Economy An economy that has no foreign trade in goods, services, or assets. Saving All disposable income that is not spent on consumption. Consumption Function The relationship between desired consumption expenditure and all the variables that determine it; in the simplest case, the relationship between desired consumption expenditure and disposable income. Average Propensity to Consu
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