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1、TheHousehold-ConsumptionSectorChapter05Copyright©2011byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinLearningObjectivesAfterthischapter,youshouldbeableto:Defineandcomputetheaveragepropensitytoconsumeandtheaveragepropensitytosave.Defineandcomputethemarginalpr
2、opensitytoconsumeandthemarginalpropensitytosave.Explaintheconsumptionfunction.Explainthesavingsfunction.Calculateautonomousandinducedconsumption.Listanddiscussthedeterminantsofconsumption.Interpretandassessthepermanentincomehypothesis.Explainwhywespendsomuchandsavesolittle.G
3、DPandBigNumbersGrossDomesticProduct(GDP)isthenation’sexpenditureonallfinalgoodsandservicesproducedduringtheyearatmarketprices.Consumption,investment,andgovernmentspendingarethethreemainsectorsofGDP.GDPwas$14.2trillionfor2009and$15.6tto2012.Thiscanbewrittenas$15,600,000,000,0
4、00$15,600billion$15.6trillionConsumptionbyhouseholdswas$10.089trillionin2009andabout$11.0trillionin2012.FourPartsofGDPConsumption------------C(thischapter)Consumptionincludesspendingonconsumergoodsandservices.Investment----------------I(Chapter6)Investmentincludesbusinessinv
5、estmentsincapitalandinventories,aswellasresidentialinvestmentbyhouseholds.Government--------------G(Chapter7)Governmentspendingongoodsandservices.Netexports---------------Xn(Chapter8)Exportsminusimports.ConsumptionCisthelargestsectorofGDP.Cnowaccountsfor7outofevery10dollarss
6、pentonfinalgoodsandservices.Americansspendvirtuallyalloftheirincomeaftertaxes,althoughsavingshaveincreasedslightlysince2007.Consumersspend67.7percentoftheirdisposableincomeonservicessuchasmedicalcare,gasoline,eatingout,videorentals,lifeinsurance,andlegalfees.Therestisspenton
7、durablegoods,suchastelevisionsetsandfurniture,oronnondurablegoods,suchasfoodandgasoline.ConsumptionFunctionAfunctionspecifiesarelationshipbetweentwovariables.Cvarieswiththelevelofafter-taxincome.JohnMaynardKeynesnotedthatconsumptionwasastablecomponentofincome.Theconsumptionf
8、unctionstatesthatAsincomerises,consumption(C)rises,butnotasquickly.Therefor
