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Marginal propensity to withdraw (MPW) - ANSWER-The increase in withdrawals from the circular flow (S + T + M) divided by the increase in income that caused them (i.e. change in W / change in Y); this is the same as the sum of the marginal propensity to save, tax and import (MPS + MPT + MPM). Multiplier or national income multiplier or Keynesian multiplier or real multiplier - ANSWER-The figure used to multiply a change in an injection into the circular flow, such as investment, to f...

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Total revenue or total expenditure - ANSWER-The amount of revenue generated from the sale of goods calculated by multiplying price by quantity in a given period of time Price elastic demand - ANSWER-A change in price results in a greater change in demand Price elasticity of demand - ANSWER-The responsiveness of demand to a change in price Price inelastic demand - ANSWER-A change in price results in a proportionately smaller change in demand Discretionary expenditure - ANSW

Labour turnover - ANSWER-number of employees leaving/total number of employees X 100 Average cost per unit - ANSWER-total production costs/total output Actual output/maximum possi

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