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Consumption function basics | Macroeconomics | Khan Academy

Video vocabulary

arbitrarily

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US / 'ɑ:bɪtrəlɪ /

UK / ˌɑrbəˈtrɛrəlɪ /

B1
  • adverb
  • Without using reason, often unfairly; on a whim

consume

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US / kən'sju:m /

UK / kənˈsum /

A2
  • verb
  • To eat, drink, buy or use up something
  • To take all your energy; focus the attention

check

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US / tʃek /

UK / tʃɛk /

A1
  • adjecitve
  • Decorated with squares made up of lines
  • noun
  • Paper showing how much you owe at a restaurant
  • Printed piece of paper you sign to pay for things
  • A mark on a form, equivalent to 'yes'; tick
  • Mark used to show that something is correct
  • Procedure to prevent errors or control something
  • verb
  • To confirm the details of something are correct
  • To leave your things with staff who look after it
  • To examine something to see if something is wrong
  • To examine in order to prevent errors/a problem

graph

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US / græf /

UK / ɡræf /

A2
  • noun
  • Image expressing numerical data in lines or shapes
  • verb
  • To show data using images

rich

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US / rɪtʃ /

UK / rɪtʃ /

A1
  • adjecitve
  • Having a lot of money or valuable possessions
  • Containing a lot of exciting events or experiences and therefore very interesting
  • (of a color, sound, smell, etc.) Pleasantly deep or strong
  • If food is rich, it contains a large amount of oil, butter, eggs, or cream.

slope

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US / sləʊp /

UK / sloʊp /

B1
  • noun
  • Angle of a decline, e.g. where a road dips down
  • Surface on which people can ski
  • verb
  • To have one end that is not as high as the other

consumption

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US / kənˈsʌmpʃn /

UK / kənˈsʌmpʃən /

B1
  • noun
  • The act of buying and using products
  • The act of using energy, food or materials; the amount used
  • A serious disease of the lungs

constant

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US / 'kɒnstənt /

UK / ˈkɑnstənt /

A2
  • adjecitve
  • Happening frequently or without pause
  • noun
  • Thing that happens always or at a regular rate

individual

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US / ˌɪndɪˈvɪdʒuəl /

UK / ˌɪndəˈvɪdʒuəl /

A2
  • adjecitve
  • Made for use by one single person
  • Having a distinct manner different from others
  • noun
  • Single person, looked at separately from others

standard

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US / 'stændəd /

UK / ˈstændəd /

A2
  • adjecitve
  • Being the accepted normal level of quality
  • (Of a language) being the most accepted in a place
  • noun
  • Official unit of measuring something
  • Principle of behaving in a moral way

consumer

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US / kənˈsju:mə(r) /

UK / kənˈsumɚ /

A2
  • noun
  • Person who buys goods or services

coordinate

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US / kəʊ'ɔ:dɪneɪt /

UK / ko'ɔrdəˈnet /

B1
  • noun
  • Point on a map defining a location e.g. 135N, 34W
  • verb
  • To match styles or colors that go well together
  • To cause body parts to move smoothly together
  • To make plans to meet a shared goal
  • To bring order and organization to something

intercept

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US / ˌɪntəˈsept /

UK / ˌɪntərˈsept /

B2
  • verb
  • To stop or catch something while it is moving

just

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US / dʒʌst /

UK / dʒʌst /

A1
  • adjecitve
  • Proper or appropriate; as is deserved
  • Doing or being what is right or fair
  • Legally correct; having enough evidence
  • adverb
  • Almost; nearly
  • Exactly at the time of
  • Exactly (the same as, like)

line

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US / laɪn /

UK / laɪn /

A1
  • noun
  • Border that divides two places or regions
  • Long crease in the skin, often from age
  • Mark that is long, straight and very thin
  • Row of words, letters or numbers that are written
  • Telephone connection
  • People waiting one behind the other; queue
  • Long thin wire, e.g. for electrical signal
  • verb
  • To put material along the inside of something

talk

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US / tɔ:k /

UK / tɔk /

A1
  • noun
  • Style of speaking
  • Discussion between two countries
  • Giving information in front of people; lecture
  • Saying things or ideas to someone with words
  • verb
  • To make a formal speech about something
  • To say things or ideas to someone with words

dependent

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US / dɪˈpendənt /

UK / dɪˈpɛndənt /

A2
  • adjecitve
  • Someone who relies on (financial) support

max

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US / mæks /

UK / mæks /

A2
  • noun
  • Person's name
  • Short for 'maximum'

stuff

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US / stʌf /

UK / stʌf /

A1
  • noun
  • Generic description for things, materials, objects
  • verb
  • To push material inside something, with force

for

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US / fə(r) /

UK / fɔr,fə /

A1
  • preposition
  • Used to show the purpose, or need of something

spend

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US / spend /

UK / spɛnd /

A2
  • verb
  • To use money to pay for something
  • To use time in order to do something
  • To use up something completely

time

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US / taɪm /

UK / taɪm /

A1
  • noun
  • Speed at which music is played; tempo
  • Point as shown on a clock, e.g. 3 p.m
  • Number of hours, minutes needed to do something
  • Occasion when something happens
  • Period or occasion that something occurred
  • Period in history or the past
  • Something measured in minutes, hours, days, etc.
  • How long an event takes; duration
  • verb
  • To check speed at which music is performed
  • To choose a specific moment to do something
  • To measure how long an event takes, e.g. a race
  • To schedule something to occur at a specific moment

why

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US / waɪ /

UK / hwaɪ, waɪ /

A1
  • adverb
  • Question word to ask for a reason
  • exclamation
  • (Used to express surprise or approval)

clarify

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US / 'klærəfaɪ /

UK / ˈklærəˌfaɪ /

B1
  • verb
  • To make a liquid become clear or pure
  • To state again so that a point is clearer

fraction

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US / ˈfrækʃn /

UK / ˈfrækʃən /

B1
  • noun
  • Small part of something

start

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US / stɑ:t /

UK / stɑrt /

A1
  • noun
  • First time or place that a thing exists; beginning
  • First opportunity to achieve something, e.g. a job
  • Sudden action or movement because you are scared
  • other
  • Beginning of something in place or time
  • verb
  • To do, be or happen for the first time; begin
  • To turn something on

well

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US / wel /

UK / wɛl /

A1
  • adjecitve
  • Being in a fortunate, good condition or state
  • Healthy and in good condition
  • adverb
  • In an acceptable, proper, or successful manner
  • In a complete, total, or full manner
  • A great and considerable degree
  • In a successful way, in a good or satisfactory way
  • exclamation
  • Used to begin or continue a particular statement
  • Used to show you want to start saying something
  • Used to express that you are waiting for a reply
  • You say this to change the topic of a conversation
  • Used to indicate you are making a final remark
  • noun
  • Long deep hole in the ground to get water
  • verb
  • To cause your eyes to fill with tears

level

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US / 'levl /

UK / ˈlɛvəl /

A2
  • adjecitve
  • (Sports) equal to another
  • Being steady and determined (e.g. a voice)
  • noun
  • Specific height of something
  • Amount of ability you have compared to others
  • Floor or deck within a building
  • Tool used to determine if something is lying flat
  • verb
  • To aim a gun at someone
  • To destroy a building; flatten an area completely
  • To make things flat or even
  • To make a score equal to another, in sports

little

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US / 'lɪtl /

UK / ˈlɪtl /

A1
  • adjecitve
  • Being short in length of time
  • Not great in size, amount, or degree; small
  • Being very young or younger than others
  • adverb
  • By an amount or degree that is not very much
  • Not often; rarely
  • noun
  • A person's name

let

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US / let /

UK / lɛt /

A1
  • verb
  • To allow someone to do something
  • Introducing a suggestion to do something together
  • To rent a house, etc. to others

might

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US / maɪt /

UK / maɪt /

A1
  • other
  • Used to politely request an action
  • Used to express that something could happen
  • Power, strength, force or influence

the

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US / ðə /

UK / ðə /

A1
  • article
  • Used to refer to something already mentioned
  • Used to show there is only one of something
  • determiner
  • Used to describe all of a family

term

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US / tɜ:m /

UK / tɚm /

A1
  • noun
  • Conditions applying to an agreement, contract
  • Length of time something is expected to happen
  • Fixed period of weeks for learning at school
  • The (precise) name given to something
  • verb
  • To call; give a name to

construct

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US / kənˈstrʌkt /

UK / kənˈstrʌkt /

A2
  • noun
  • A thought, theory or hypothesis
  • verb
  • To build or create something
  • To create a sentence, story, argument or theory

live

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US / lɪv /

UK / liv /

A1
  • adjecitve
  • Being broadcast as events happen, not recorded
  • Carrying electric current; able to give a shock
  • Glowing because burning; hot
  • Not yet killed (for food)
  • adverb
  • (Music, drama) as it is performed
  • verb
  • To be alive
  • To experience a particular type of life
  • To make your home in a house or town

vertical

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US / ˈvɜ:tɪkl /

UK / ˈvɜ:rtɪkl /

B1
  • adjecitve
  • (Of a line, etc.) going up and down; not horizontal

you

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US / jʊ /

UK / ju /

A1
  • pronoun
  • Person someone is speaking or writing to
  • Person or people in general

bell

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US / bel /

UK / bɛl /

A2
  • noun
  • Metal object shaped like a cup that rings when hit
  • Electronic device that makes a ringing sound

into

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US / 'ɪntə /

UK / ˈɪntu /

A1
  • preposition
  • Moving or going inside something
  • In the same direction as; in the direction of
  • So as to become; taking the state of

one

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US / wʌn /

UK / wʌn /

A1
  • pronoun
  • You; we; people in general; someone
  • The thing or person previously referred to
  • adjecitve
  • Used to refer to people generally
  • Being a strong example of (something mentioned)
  • number
  • Number 1

image

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US / 'ɪmɪdʒ /

UK / ˈɪmɪdʒ /

A2
  • noun
  • Picture, sculpture or painting of something
  • General idea or opinion of something
  • verb
  • To obtain pictures by scanning them with a machine

make

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US / meɪk /

UK / mek /

A1
  • noun
  • Product made by a particular company; brand
  • verb
  • To arrange or prepare something e.g. dinner
  • To get to (a place) on time
  • To gain the status of (teacher, lawyer, etc.)
  • To create something by putting things together
  • To earn a certain amount of money at a job
  • To cause or force a person to do something
  • To cause something to happen or be formed

highlight

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US / ˈhaɪlaɪt /

UK / ˈhaɪˌlaɪt /

A2
  • noun
  • Best or most interesting part of something
  • Spot or section lighter than the area around it
  • verb
  • To use chemicals to make some hair a lighter color
  • To make people aware of a problem, subject, issue
  • To focus particular attention on; draw attention
  • To use a pen to mark places of interest in a book

less

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US / les /

UK / lɛs /

A1
  • adjecitve
  • Smaller in amount or degree
  • adverb
  • To a smaller degree
  • noun
  • A smaller amount
  • preposition
  • With the subtraction of

this

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US / ðɪs /

UK / ðɪs /

A1
  • adjecitve
  • Used to indicate something already been discussed
  • Used to indicate something happening around now
  • adverb
  • An indication by a physical motion or gesture
  • A specific amount of
  • determiner
  • Person, thing, or idea near you
  • pronoun
  • Person, thing that has already been discussed

number

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US / ˈnʌmbə(r) /

UK / ˈnʌmbɚ /

A1
  • noun
  • Symbols such as 1, 2, 56, 793
  • Particular song or dance performed during a show
  • Total quantity or amount of things
  • verb
  • To put numbers on things
  • To assign a sequence within a group, series, set
  • To claim to be part of a larger group, series, set

firm

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US / fɜ:m /

UK / fɚm /

A2
  • adjecitve
  • Fairly hard or solid, not soft
  • Unchanging and strong
  • noun
  • Company that sells goods or services
  • verb
  • To make something become more solid or durable

first

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US / fɜ:st /

UK / fɚst /

A1
  • adjecitve
  • 1st; Coming before all others in time or place
  • noun
  • Something that has not happened before
  • Position of the winner of a competition

get

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US / ɡet /

UK / ɡɛt /

A1
  • verb
  • To become affected by illness or disease
  • To begin to feel or understand an emotion or idea
  • To send or bring someone or something home, etc.
  • To go somewhere to obtain something
  • To (cause to) do a particular thing
  • To obtain, receive or be given something
  • To currently have
  • To prepare for use
  • To understand something being said or read

incremental

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US / ˌɪŋkrə'mentl /

UK / ˌɪŋkrə'mentl /

B2
  • adjecitve
  • Happening or growing bit by bit over time

hard

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US / hɑ:d /

UK / hɑː(r)d /

A1
  • adjecitve
  • Difficult to do; difficult to understand
  • (Of facts) not able to be misunderstood; clear
  • (Of alcohol) strong
  • Involving or requiring lots of work, effort, care
  • Being full of pain, trouble, and problems
  • Strong
  • (Of edge) clear; sharp
  • Difficult to bend, break or cut; solid
  • adverb
  • With lots of force, power, or impact

case

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US / keɪs /

UK / kes /

A1
  • noun
  • Container used to carry things, e.g. clothes
  • Set of facts about a crime
  • Set of facts about an event
  • Example or instance of something
  • verb
  • To find out about a place, as in planning to steal

tend

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US / tend /

UK / tɛnd /

A2
  • verb
  • To move or act in a certain manner
  • To take care of
  • To regularly behave in a certain way

own

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US / əʊn /

UK / on /

A1
  • adjecitve
  • Belong to oneself
  • determiner
  • Yours, his, hers, etc.; not belonging to another
  • pronoun
  • (Something) belong to myself
  • verb
  • To have something as your property

dig

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US / dɪg /

UK / dɪɡ /

A2
  • verb
  • To move material to create a hole

essentially

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US / ɪˈsenʃəli /

UK / ɪˈsenʃəli /

A2
  • adverb
  • Basically; (said when stating the basic facts)

introductory

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US / ˌɪntrəˈdʌktəri /

UK / ˌɪntrəˈdʌktəri /

A2
  • adjecitve
  • Serving as an initial experience of something

right

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US / raɪt /

UK / raɪt /

A1
  • adjecitve
  • Correct or true
  • The south side of you looking at the rising sun
  • adverb
  • Exactly in a place or time
  • Being appropriate for a particular event
  • In a straight or direct manner
  • noun
  • Something you are legally or morally allowed to do
  • Ideal of what is just and good
  • Political view based on conservatism
  • verb
  • To fix something previously wrong or unjust
  • To make upright, as a boat that has turned over

argue

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US / ˈɑ:gju: /

UK / ˈɑ:rgju: /

A1
  • verb
  • To fight or disagree over something
  • To state your reasons for or against an idea

happen

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US / 'hæpən /

UK / ˈhæpən /

A1
  • verb
  • To take place or occur

typical

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US / ˈtɪpɪkl /

UK / ˈtɪpɪkəl /

A2
  • adjecitve
  • Normal; usual; expected

yeah

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US / jeə /

UK / ˈjɛə, ˈjæə, jɛ- /

A1
  • exclamation
  • Another way of saying 'yes'

about

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US / ə'baʊt /

UK / əˈbaʊt /

A1
  • adverb
  • To be ready to; going to
  • Nearly; approximately; roughly
  • Near; next to; close to
  • In every direction; in the area of
  • preposition
  • Concerning or of (a topic)

again

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US / ə'ɡen /

UK / əˈɡɛn /

A1
  • adverb
  • One more time, once more

different

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US / ˈdɪfrənt /

UK / ˈdɪfrənt /

A1
  • adjecitve
  • Not of the same kind; unlike other things

even

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US / 'i:vn /

UK / ˈivən /

A1
  • adjecitve
  • Being equal in influence, power, possibility etc.
  • Being divided equally or fairly
  • (Of teams/contest) with similar chances of success
  • Smooth, level, or regular
  • Can be divided by 2; ending in 2, 4, 6, 8, or 0
  • At a regular, equally steady manner
  • Remaining steady and unchanging
  • adverb
  • (When this is surprising) as well; too
  • (Used to compare two things/stress the difference)
  • verb
  • To make something level; to flatten
  • To make something equal

independent

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US / ˌɪndɪˈpendənt /

UK / ˌɪndɪˈpɛndənt /

A2
  • adjecitve
  • Making your own decisions; acting by yourself
  • noun
  • A person not connected to a political party

like

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US / laɪk /

UK / laɪk /

A1
  • adjecitve
  • Being equal in status or kind to something else
  • Similar; the same
  • adverb
  • For example
  • preposition
  • Used as a filler; used to ad emphasis
  • In a way similar to the way something is done
  • Such as; for example
  • verb
  • To want to
  • To find something pleasing; to prefer something

people

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US / 'pi:pl /

UK / ˈpipəl /

A1
  • noun
  • Persons sharing culture, country, background, etc.
  • Men, Women, Children

that

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US / ðæt /

UK / ðæt, ðət /

A1
  • adjecitve
  • The person or thing being talked about
  • Used to identify something both the speakers know
  • adverb
  • Used to reinforce adjectives and adverbs
  • To such a degree
  • conjunction
  • Used to connect a noun clause
  • Used to introduce an adverbial clause
  • Used to introduce a noun clause
  • determiner
  • Used as a noun to refer to something
  • pronoun
  • Referring an object far away
  • Used to refer to the relative pronoun ‘which’

what

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US / wɒt /

UK / hwɑt, hwʌt, wɔt, wʌt,hwət, wət /

A1
  • pronoun
  • Thing or things that; the same kind as
  • Used to emphasize something you are about to say
  • adjecitve
  • Used to refer to a particular amount, or number
  • Used to place emphasis on a particular quality
  • adverb
  • To a certain degree
  • determiner
  • Question words used for asking for information
  • exclamation
  • Used to express excitement, shock, or surprise
  • Used to ask people to repeat something they said

algebra

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US / ˈældʒɪbrə /

UK / ˈældʒəbrə /

C1
  • noun
  • Math using letters or symbols in place of numbers

then

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US / ðen /

UK / ðɛn /

A1
  • adverb
  • A time that is not now
  • Following another thing in time or arrangement
  • Following on reasonably from what was just stated
  • At that time, not now

draw

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US / drɔ: /

UK / drɔ /

A1
  • noun
  • Something that attracts people to visit a place
  • A lottery or prize
  • Result of a game, contest where the score is equal
  • verb
  • To attract attention to someone or something
  • To get closer to or approach something or someone
  • To influence a person's involvement in something
  • To move an object by pulling
  • To create an image using pen or pencil and paper
  • To take one thing out of a container, etc.
  • (Of 2 teams) to finish a game with the same score

propensity

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US / prəˈpensəti /

UK / prəˈpɛnsɪti /

B2
  • noun
  • Natural tendency to behave in a particular way

low

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US / ləʊ /

UK / lo /

A1
  • adjecitve
  • Having a small quantity, supply, or amount
  • Being unhappy or unpleasant in attitude
  • Not high; being near the ground, or bottom
  • (Of a voice, sound) being soft; quiet
  • noun
  • Situation of not having a lot of something

model

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US / ˈmɒdl /

UK / ˈmɑ:dl /

A2
  • adjecitve
  • Being an excellent example of
  • noun
  • Person who wears fashion to show it to the public
  • A small scale copy of a full original
  • verb
  • To wear and display clothes at a fashion show
  • To make a small scale copy of a full original

unit

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US / ˈju:nɪt /

UK / ˈjunɪt /

B2
  • noun
  • One apartment in a building
  • Group of people, e.g. soldiers, that work together
  • A chapter of a textbook
  • A standard of measurement of something
  • Single item made by a company

government

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US / ˈgʌvənmənt /

UK / ˈɡʌvənmənt /

A1
  • noun
  • Group of people and system that rule a nation

with

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US / wɪð /

UK / wɪð, wɪθ /

A1
  • preposition
  • As an employee of a certain company
  • Against something or someone
  • By using something as a means
  • Due to; because of
  • Including
  • Possessing as a feature
  • Related to
  • (Of the manner/attitude by which you do something)
  • Used to express that people or things are together

could

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US / kəd /

UK / kʊd /

A1
  • other
  • Past form of 'can' to mean have ability
  • Used to ask for something politely, or to offer

gold

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US / gəʊld /

UK / goʊld /

A2
  • noun
  • Soft yellow metal that is very valuable
  • Person's name
  • adjecitve
  • Dark yellow color often seen in sunsets

often

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US / ˈɔfən /

UK / ˈɔfən,ˈɑfən,ˈɔftən,ˈɑf- /

A1
  • adverb
  • Many times; frequently; on many occasions

end

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US / end /

UK / ɛnd /

A1
  • noun
  • The point where a process or activity stops
  • A point that marks the limit of something; finish
  • Goal or desired result
  • The tip, edge or limit of something
  • verb
  • To be the last part of something

remember

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US / rɪ'membə(r) /

UK / rɪˈmɛmbɚ /

A1
  • verb
  • To give someone a gift, e.g. birthday, wedding
  • To hold a thought in your mind to not forget it
  • To bring a previous image or idea to your mind

economic

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US / ˌi:kəˈnɒmɪk /

UK / ˌɛkəˈnɑmɪk, ˌikə- /

A2
  • adjecitve
  • Concerning trade, industry, and money

mind

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US / maɪnd /

UK / maɪnd /

A1
  • noun
  • One's opinion or way of thinking about something
  • Part of humans that allows us to think or feel
  • verb
  • To be bothered or upset by something
  • To take care of someone e.g. as a bodyguard

have

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US / həv /

UK / hæv /

A1
  • verb
  • To drink, smoke, eat or use something
  • To experience the effects of something
  • To organize an event, or join in an activity
  • To own, possess, or hold something
  • To cause to happen or produce a particular effect

already

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US / ɔ:lˈredi /

UK / ɔlˈrɛdi /

A1
  • adverb
  • Having happened or been done before this time

describe

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US / dɪ'skraɪb /

UK / dɪˈskraɪb /

A1
  • verb
  • To tell the appearance, sound, smell of something

notion

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US / ˈnəuʃən /

UK / ˈnoʃən /

B1
  • noun
  • Sudden idea or desire to do something

will

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US / wɪl /

UK / wɪl /

A1
  • noun
  • Desire or choice of someone
  • Document saying who gets your money when you die
  • Strong desire to do something; determination
  • Desire to do something; strong wish to do
  • other
  • Used with verbs to express the future
  • verb
  • To leave property to someone after your death
  • To use mental effort to make something happen
  • Am (is, are) likely to do
  • To influence someone to do something
  • To make something happen by strongly wanting it

basic

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US / 'beɪsɪk /

UK / ˈbesɪk /

A1
  • adjecitve
  • At the most important or easiest (beginner) level

actually

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US / ˈæktʃuəli /

UK / ˈæktʃuəli /

A1
  • adverb
  • Used to add new (often different) information

debate

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US / dɪ'beɪt /

UK / dɪˈbet /

A2
  • noun
  • General public discussion of a topic
  • A formal event where two sides discuss a topic
  • verb
  • To consider options before making a decision
  • To take part in a formal discussion

use

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US / ju:s /

UK / ju:s /

A1
  • noun
  • Ability to employ something
  • Need to enable it to work
  • Permission to do something with something
  • Act of spending money
  • Operation of a machine for its function
  • verb
  • To have; to eat, drink, consume etc.
  • To need to operate or work
  • To operate a machine, e.g. a computer
  • To treat a person badly
  • To do something with, for a task or purpose

write

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US / raɪt /

UK / raɪt /

A1
  • verb
  • To compose letters and words on paper or a screen
  • To invent or create a computer program
  • To create a song or piece of music

day

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US / deɪ /

UK / de /

A1
  • noun
  • A period of 24 hours beginning at midnight
  • The period of time when it is light outside
  • Person's name

point

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US / pɔɪnt /

UK / pɔɪnt /

A1
  • noun
  • An item to be discussed
  • Small spot or dot
  • Fact or detail
  • Feature of something
  • The size of the text on a page or screen
  • A certain time or stage in a process
  • Certain position in time or space
  • Idea or fact you try to convince people about
  • Measurement of scores in a game, sport
  • Sharp end of something, e.g. a pen or pin
  • verb
  • To face a certain direction, e.g. north
  • To indicate something with your finger to others

tax

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US / tæks /

UK / tæks /

A2
  • noun
  • Money taken by a government from its people
  • verb
  • To require a lot of physical or mental effort
  • (Government) to take money from a country's people

economy

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US / ɪ'kɒnəmɪ /

UK / ɪˈkɑnəmi /

A1
  • noun
  • Using money, resources in a careful, effective way
  • Total of all goods, services and wages in an area

distinction

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US / dɪˈstɪŋkʃn /

UK / dɪˈstɪŋkʃən /

A2
  • noun
  • Special quality that makes something different
  • A prize of award for a high level of achievement

obviously

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US / ˈɒbviəsli /

UK / ˈɑːbviəsli /

A2
  • adverb
  • In a way that is obvious/easy to see or understand

probably

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US / ˈprɒbəbli /

UK / ˈprɑbəbli /

A1
  • adverb
  • That is likely to happen or be true

axis

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US / ˈæksɪs /

UK / ˈæksɪs /

B1
  • noun
  • A line about which a rotating body turns

exactly

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US / ɪgˈzæktli /

UK / ɪɡˈzæktli /

A1
  • adverb
  • No more and no less than; precisely

coin

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US / kɔɪn /

UK / kɔɪn /

A1
  • noun
  • A small, flat piece of metal used as money
  • verb
  • To make coins from metal
  • To invent a new word that becomes popular

here

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US / hɪə(r) /

UK / hɪr /

A1
  • adverb
  • In this place; at this location, position or time

account

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US / ə'kaʊnt /

UK / əˈkaʊnt /

A1
  • noun
  • An advantage
  • Arrangement with a bank to keep your money for you
  • An invoice for things bought
  • Arrangement whereby you can use online services
  • A description, often written, of events; report

introduce

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US / ˌɪntrəˈdju:s /

UK / ˌɪntrəˈdus, -ˈdjus /

A1
  • verb
  • To open an essay to set the scene
  • To guide or explain something, e.g. a town
  • To begin the use of a new thing or practice
  • To make someone known to another by name
  • To insert or put something inside another thing

subtract

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US / səbˈtrækt /

UK / səbˈtrækt /

B2
  • other
  • To take away a value or amount from another
  • verb
  • To take away a value or amount from another

all

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US / ɔ:l /

UK / ɔl /

A1
  • adverb
  • Completely; totally
  • determiner
  • Being every one of something
  • pronoun
  • 100% of something; the complete amount

pocket

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US / 'pɒkɪt /

UK / ˈpɑkɪt /

A2
  • adjecitve
  • (As if) small enough to fit in your pocket
  • noun
  • Small cloth bag sewn into clothing to hold things
  • Area of space
  • verb
  • To put something into your pocket
  • To take or hide something illegally

bit

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US / bɪt /

UK / bɪt /

A1
  • noun
  • Device put in a horse's mouth to control it
  • Small piece of something
  • verb
  • (E.g. of fish) to take bait and be caught

look

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US / lʊk /

UK / lʊk /

A1
  • noun
  • Person's beauty or physical attractiveness
  • Particular style of dress, clothes, or appearance
  • The way someone, something appears to be
  • Act of searching for or examining something
  • verb
  • To appear to be; seem

pay

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US / peɪ /

UK / pe /

A1
  • noun
  • Money you receive from your job, work, etc.
  • verb
  • To give money for goods or work done
  • To give (attention, respect, etc.) to
  • To be punished or suffer for something you did
  • To make (a visit) to a person or place

else

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US / els /

UK / ɛls /

A1
  • adverb
  • Otherwise; if you fail to
  • (Of person place thing etc.) besides; in addition

move

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US / mu:v /

UK / muv /

A1
  • noun
  • Act of moving a playing piece in chess, etc.
  • An action; doing something
  • Step taken to achieve a goal
  • verb
  • To cause someone to have certain emotions
  • To cause something to change to a different place
  • To change where people live or a business operates
  • To take action to do or achieve something

their

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US / ðɛː /

UK / ðer /

A1
  • determiner
  • Belonging to them

way

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US / weɪ /

UK / we /

A1
  • adverb
  • Used to emphasize the amount of something
  • noun
  • Particular aspect of something being thought about
  • One of various choices that could be made
  • Particular existing condition or state
  • (Often long) distance or length of time
  • How something is done
  • Route to go to a place
  • Small street
  • Usual behavior, emotions or habits of someone

change

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US / tʃeɪndʒ /

UK / tʃendʒ /

A1
  • noun
  • Exchange of one set of clothes for another
  • Money in the form of coins instead of paper
  • Money returned after giving too much
  • Act of making or becoming something else
  • verb
  • To exchange one set of clothes for another
  • To exchange one kind of money for another
  • To replace something with another thing
  • To make or become something else
  • To go from one train, bus, etc. and go to another

simple

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US / 'sɪmpl /

UK / ˈsɪmpəl /

A1
  • adjecitve
  • Not hard to understand or do; not complex
  • Having only a few parts; not complex
  • Being ordinary or normal
  • Being plain; without a lot added for style

activity

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US / æk'tɪvətɪ /

UK / ækˈtɪvɪti /

A1
  • noun
  • An action or task, e.g. sports, washing clothes

take

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US / teɪk /

UK / tek /

A1
  • noun
  • Filming of a single scene for TV or the movies
  • verb
  • To accept something that is offered
  • To use a method of traveling, e.g. a bus or train
  • To use a camera to make (a photo)
  • To pick up something and go away with it
  • To study a subject in school
  • To attempt to pass (an exam)
  • To require a certain amount of time, money, space

between

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US / bɪˈtwi:n /

UK / bɪˈtwin /

A1
  • preposition
  • From one person, thing, or place, to another
  • In the space that separates two objects
  • Among two or more people who share something

billion

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US / ˈbɪljən /

UK / ˈbɪljən /

A2
  • noun
  • Number 1,000,000,000

dollar

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US / ˈdɒlə(r) /

UK / ˈdɑ:lə(r) /

A1
  • noun
  • A basic unit of money equal to 100 cent

male

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US / meɪl /

UK / ˈmel /

A2
  • adjecitve
  • Characteristic of boys or men
  • noun
  • A member of the sex that fertilizes eggs

they

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US / ðeɪ /

UK / ðe /

A1
  • pronoun
  • Two or more people, animals, or things

very

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US / 'verɪ /

UK / ˈvɛri /

A1
  • adjecitve
  • Concerning a large degree or amount
  • adverb
  • A lot; much; many
  • Used to stress or emphasize a noun

clamshell

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US / ˈklæmʃel /

UK / ˈklæmˌʃɛl /

C2
  • noun
  • Shell of a clam

horizontal

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US / ˌhɒrɪˈzɒntl /

UK / ˌhɔ:rəˈzɑ:ntl /

B1
  • adjecitve
  • Concerning the horizon
  • A level and flat position

video

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US / 'vɪdɪəʊ /

UK / ˈvɪdiˌo /

A2
  • adjecitve
  • Of a moving film, with sound
  • noun
  • Recording capturing action with sound
  • verb
  • To make a moving film of, with sound

want

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US / wɔnt /

UK / wɑnt, wɔnt /

A1
  • noun
  • Something you desire or wish for
  • State or condition of poverty
  • verb
  • To desire or wish for something; hope for a thing

accumulate

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US / əˈkju:mjəleɪt /

UK / əˈkjumjəˌlet /

B1
  • verb
  • To gather or acquire so that you have more of it

justify

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US / ˈdʒʌstɪfaɪ /

UK / ˈdʒʌstəˌfaɪ /

B1
  • verb
  • To give good reasons for something

tangible

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US / ˈtændʒəbl /

UK / ˈtændʒəbəl /

B2
  • adjecitve
  • Able to be touched or felt; real
  • Able to be seen or noticed; obvious; apparent
  • noun
  • Item which can be seen and touched

visualize

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US / ˈvɪʒuəlaɪz /

UK / ˈvɪʒuəˌlaɪz /

B1
  • verb
  • To create a picture in your mind of something

whether

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US / ˈweðə(r) /

UK / ˈhwɛðɚ, ˈwɛð- /

A1
  • conjunction
  • If something will happen or not

really

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US / ˈri:əli /

UK / ˈriəˌli, ˈrili /

A1
  • adverb
  • Used to stress something that is said; definitely
  • In a true or accurate manner
  • Very

pick

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US / pɪk /

UK / pɪk /

A1
  • noun
  • Sharp tool used for breaking the ground
  • Item selected from a group of choices
  • verb
  • To take fruit or vegetables from a plant or tree
  • To decide on a thing from various choices; select
  • To remove (flower, etc.) with your fingers

study

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US / 'stʌdɪ /

UK / ˈstʌdi /

A1
  • noun
  • Room that a person studies or reads in
  • Piece of research
  • Topic or subject you research or learn about
  • verb
  • To focus on learning something usually at school

would

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US / wʊd /

UK / wʊd /

A1
  • other
  • Used to indicate something imagined
  • Used to ask or request something politely
  • Verb used to indicate possibility, request etc.
  • Used to indicate a preference
  • Used to indicate a reaction
  • Indicates something that occurred repeatedly
  • Used to indicate willingness or ability to do

equal

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US / 'i:kwəl /

UK / ˈikwəl /

A1
  • adjecitve
  • Same in shape, size, or number
  • verb
  • To add up or be the same as

intersection

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US / ˌɪntə'sekʃn /

UK / ˌɪntɚˈsɛkʃən /

B2
  • noun
  • Place where two things cross

measure

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US / ˈmeʒə(r) /

UK / ˈmɛʒɚ /

A1
  • noun
  • Plan to achieve a desired result
  • Tool used to calculate the size of something
  • verb
  • To determine the value or importance of something
  • To calculate size, weight or temperature of

neat

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US / ni:t /

UK / nit /

A2
  • adjecitve
  • That you approve of; cool
  • (Of alcohol) not weakened with water or a mixer
  • Not messy; clean and orderly; simple and effective

table

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US / ˈteɪbl /

UK / ˈtebəl /

A1
  • noun
  • Diagram that shows data in rows and columns
  • Raised flat surface you sit at to work or eat
  • verb
  • To leave an idea to be discussed at a later date

concrete

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US / 'kɒŋkri:t /

UK / kɑnˈkrit, kɑŋ-, ˈkɑnˌkrit, ˈkɑŋ- /

B1
  • adjecitve
  • Concerning something that is physical or real
  • noun
  • Hard building material made of cement, sand, water
  • verb
  • To cover or make with a hard grey building material

can

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US / kæn /

UK / kən,kæn /

A1
  • noun
  • A metal container for storing food
  • other
  • Able to; have the skill to; have the time to
  • verb
  • To have permission to
  • To be possible to do
  • To preserve food by sealing it in a metal container

decent

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US / ˈdi:snt /

UK / ˈdisənt /

B1
  • adjecitve
  • Being fairly good; acceptable

income

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US / ˈɪnkʌm /

UK / ˈɪnˌkʌm /

A1
  • noun
  • Earned money from work, investments or business

but

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US / bət /

UK / bʌt,bət /

A1
  • conjunction
  • Used before you say something different, opposite

good

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US / ɡʊd /

UK / ɡʊd /

A1
  • adjecitve
  • Proper, appropriate or right
  • (Of an amount) enough; plenty
  • Excellent; high quality
  • Acting well or properly; of moral character
  • In a positive or happy emotional state
  • noun
  • Advantage or benefit

life

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US / laɪf /

UK / laɪf /

A1
  • noun
  • All the living things e.g. animals, plants, humans
  • Period of time things live, from birth to death

zero

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US / ˈzɪərəʊ /

UK / ˈzɪroʊ /

A1
  • noun
  • Temperature when water turns to ice
  • number
  • Number 0
  • verb
  • To set a scale or other device to show 0

become

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US / bɪ'kʌm /

UK / bɪˈkʌm /

A1
  • verb
  • To begin to be; grow to be; develop into
  • To be suitable for a particular job or role

save

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US / seɪv /

UK / sev /

A1
  • noun
  • Preventing a player in a game from scoring a goal
  • preposition
  • Except; not including
  • verb
  • To make your computer keep a file
  • To keep for future use
  • To make something unnecessary; prevent
  • To keep money so that you will have it later
  • To keep something for future use, such as money
  • To keep or rescue someone or something from harm
  • To prevent a player in a game from scoring a goal
  • To avoid the unnecessary waste of energy, etc.

same

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US / seɪm /

UK / sem /

A1
  • adjecitve
  • Being equal in quality and amount
  • Identical; not different
  • Not changing; constant

stub

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US / stʌb /

UK / stʌb /

B2
  • noun
  • A stand-in piece of programming code
  • Part of a ticket you keep to prove you paid
  • Part of a tree that was cut but allowed to regrow
  • verb
  • To cut a tree back and allow it to regrow

color

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US / 'kʌlə(r) /

UK / ˈkʌlɚ /

A1
  • noun
  • Quality of things you can see, e.g. red, blue
  • Pink or red in your face, e.g. after being ill
  • The shade of someone's skin e.g. black, or yellow
  • verb
  • To change or affect someone's opinion
  • To make something colorful using colored pencils

not

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US / nɒt /

UK / nɑt /

A1
  • adverb
  • Word indicating the negative
  • (Used to form the negative of verbs)

our

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US / 'aʊə(r) /

UK / aʊr /

A1
  • determiner
  • Belonging to us

maybe

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US / ˈmeɪbi /

UK / ˈmebi /

A1
  • adverb
  • Possibly but not certainly; perhaps

reasonable

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US / ˈri:znəbl /

UK / ˈrizənəbəl /

A2
  • adjecitve
  • Being somewhat good, but not great
  • Fair and sensible; appropriate

whole

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US / həul /

UK / hol /

A1
  • adjecitve
  • Complete or full; all of
  • Being in a good condition
  • noun
  • Complete amount or sum; total

call

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US / kɔ:l /

UK / kɔl /

A1
  • noun
  • A order or request for action
  • The sound an animal makes, often when in danger
  • A correct prediction, e.g. a decision in a game
  • A short visit to a place or person
  • A decision by a referee or umpire in a game
  • verb
  • To make a request or order for action
  • (Animal) to make sounds to warn of danger
  • To announce the date of an election
  • To make a judgment about something
  • To give someone or something a name
  • To guess in advance the result or outcome
  • To visit a place or person for a short time
  • To phone someone
  • To speak, announce or shout in a loud voice

leave

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US / li:v /

UK / liv /

A1
  • noun
  • Permission to do something
  • Vacation time; time off work
  • verb
  • To go away from; depart
  • To gift property to someone after you die
  • To allow something to continue happening
  • To let something remain unused or available
  • To let something or someone remain somewhere

where

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US / hwɛə /

UK / hwɛr, wɛr /

A1
  • conjunction
  • At or in the place which
  • In whatever place
  • pronoun
  • Word you use to ask the location of something

any

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US / 'enɪ /

UK / ˈɛni /

A1
  • adjecitve
  • One, or some, no matter which
  • pronoun
  • One (thing) of many; some

particular

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US / pəˈtɪkjələ(r) /

UK / pɚˈtɪkjəlɚ, pəˈtɪk- /

B2
  • adjecitve
  • One specific (one)
  • Having firm ideas about what is desirable
  • Being special or more than is typical

think

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US / θɪŋk /

UK / θɪŋk /

A1
  • verb
  • To have an idea about something without certainty
  • To have an idea, opinion or belief about something

beyond

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US / bɪ'jɒnd /

UK / biˈɑnd, bɪˈjɑnd /

A2
  • adverb
  • On or to the farther side
  • In addition to
  • preposition
  • Later in time than
  • Out of the limits of

familiar

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US / fəˈmɪliə(r) /

UK / fəˈmɪljɚ /

A2
  • adjecitve
  • Well-known or easily recognized

keep

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US / ki:p /

UK / kip /

A1
  • noun
  • Large, strong tower in the middle of a castle
  • Money spent on you so you can live in a place
  • verb
  • To continue doing something; not to stop
  • To stop balls going in a goal in sports
  • To not give back or return something
  • (Of food) to not spoil or not rot
  • To take possession of something to own, e.g. a pet
  • To have and continue to hold something
  • To do something that you have promised or agreed
  • To stay in a certain place or condition
  • To maintain the rules

variable

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US / ˈveəriəbl /

UK / ˈveriəbl /

A2
  • adjecitve
  • Having the ability to change or vary
  • noun
  • Mathematical quantity with several values

something

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US / ˈsʌmθɪŋ /

UK / ˈsʌmθɪŋ /

A1
  • adverb
  • In some degree or measure
  • noun
  • a person or thing of some value or consequence
  • pronoun
  • Thing that is not yet known or named
  • Approximately

and

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US / ənd /

UK / ənd, ən,ænd /

A1
  • conjunction
  • Used to refer to two or more things
  • Plus; in addition; on top of that
  • Used to introduce an action that follows another

base

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US / beɪs /

UK / bes /

A2
  • noun
  • Place military personnel live, train, and operate
  • Bottom part of an object that touches a surface
  • Unit of counting, e.g. 10 for counting
  • Most important idea or ingredient to add others
  • Origin or start from which something came
  • Main place where an organization or a person works
  • verb
  • To use as the starting point or origin for
  • To have as the main location for (company, etc.)

lot

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US / lɒt /

UK / lɑt /

A1
  • noun
  • What happens to a person in life from chance; fate
  • A group of people seen together
  • Item for sale at an auction
  • Small area of land used for a purpose e.g. parking

early

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US / ˈɜ:li /

UK / ˈɜ:rli /

A1
  • adjecitve
  • Happening or appearing before
  • adverb
  • Coming/happening before others in a time sequence
  • Happening sooner than expected

most

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US / məʊst /

UK / most /

A1
  • adverb
  • Very; extremely
  • Greatest possible degree
  • pronoun
  • Nearly all of something

simplification

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US / ˌsɪmplɪfɪˈkeɪʃn /

UK / ˌsɪmpləfəˈkeʃən /

B1
  • noun
  • Act of making easier to do, use or understand

marginal

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US / 'mɑ:dʒɪnl /

UK / ˈmɑrdʒənəl /

B2
  • adjecitve
  • Very small; on the edge; not important

two

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US / tu: /

UK / tu /

A1
  • number
  • 2

from

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US / frəm /

UK / frʌm, frɑm,frəm /

A1
  • preposition
  • Starting at a particular place, time or level

out

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US / aʊt /

UK / aʊt /

A1
  • adverb
  • No longer stylish (e.g. fashion)
  • Away from home, business, or the usual place
  • In a direction/movement away from inside or center
  • noun
  • Act when a batter cannot continue playing
  • verb
  • To tell people a secret

over

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US / 'əʊvə(r) /

UK / ˈovɚ /

A1
  • adverb
  • Finished; no longer happening
  • Towards the ground/away from a standing position
  • noun
  • A set of six consecutive balls bowled in cricket
  • other
  • Finished
  • preposition
  • Showing the relation when a thing is above another
  • On or covering something
  • Above or across something
  • More than you need
  • From one side to the other
  • In the direction of; toward

resource

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US / riˈsɔ:s /

UK / ˈriˌsɔrs, -ˌsors, -ˌzɔrs, -ˌzors, rɪˈsɔrs, -ˈsors, /

A2
  • noun
  • Something that can be used profitably; asset
  • An essential supply of something
  • Resourcefulness; ability to deal with problems
  • verb
  • To obtain (e.g. oil, gas) from its source

correspond

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US / ˌkɒrəˈspɒnd /

UK / ˌkɔ:rəˈspɑ:nd /

B1
  • verb
  • To have similarity or equality with something
  • To write letters or emails to someone

complex

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US / 'kɒmpleks /

UK / kəmˈplɛks, ˈkɑmˌplɛks /

A2
  • adjecitve
  • Not being simple; having many parts or aspects
  • noun
  • Group of buildings all used for the same purpose
  • Psychological issue regarding self-image

hey

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US / heɪ /

UK / he /

A1
  • exclamation
  • What you say when you want someone's attention
  • Subtitles section
  • Male: What I want to do in this video is introduce you to the idea of a consumption function.
  • It's a very simple idea.
  • It's really just the notion that income, income in aggregate in an economy can drive consumption in aggregate in an economy.
  • Just to make things tangible, I will construct a consumption function for a hypothetical economy, and we can debate whether we can construct a better one.
  • All the numbers don't have to be exactly what I'm about to do, but this is just to make things concrete in your mind.
  • Maybe we have a hypothetical economy where consumption is going to be equal to ...
  • well, maybe there's some base level of consumption even if there's no aggregate income in our economy.
  • It's hard to image, but let's say there isn't.
  • There will still be consumption.
  • Maybe people can do it by digging into their savings.
  • They're essentially using resources that they've already accumulated in some way.
  • Let's say that base level of consumption, let's call that 500.
  • It could be billions of dollars or gold coins or clamshells or whatever the unit of measuring economic activity is in our economy.
  • That's our base level of consumption.
  • Then let's say if there is some aggregate income, people will spend 60% of it.
  • I'm just picking these numbers somewhat arbitrarily.
  • Let's say if there's some above and beyond the base level, they're going to spend 0.6 of any aggregate income they have.
  • Actually, to be a little bit more particular, I'll write not just income, I'll write disposable income.
  • I'll want to do that in a different color.
  • They will ... that's not a different color.
  • Above and beyond the base level, they'll spend 60% of their disposable income.
  • I make the distinction, just to clarify our model, between income and disposable income because all of the aggregate income in an economy does not end up in consumers' pockets.
  • Just for a simplification, you might say, "Yeah, some of it ends up in firms' pockets," but the firms, at the end of the day, are owned by individuals, so it can end up in individuals' or consumers' pockets.
  • But some of it goes off to the government.
  • When you think about income, and if you spend any time looking at your pay stub this will become familiar to you, you have your income but you don't end up with all of that in your checking account or your pocket or your savings account.
  • A good fraction of that is taken out for taxes.
  • What you have left over when you subtract taxes out of income, that is your disposable income.
  • That's why I write this here because that's actually a more reasonable thing to say.
  • People will spend 60% of their disposable income.
  • They obviously can't spend a fraction of stuff that they don't have, the stuff that's taken out for taxes.
  • Just to visualize this, we can draw it.
  • This will be a line.
  • This might ring a bell from your early algebra days.
  • Just the variables are different.
  • Instead of a y, we have a c, but that's still the dependent variable.
  • It's a function of disposable income.
  • In algebra you'll often call this the independent variable.
  • The most typical variable is x.
  • It's really the same idea over here.
  • Let me draw this a little bit neater.
  • We can graph this, what's essentially going to be a line.
  • It doesn't have to be a line.
  • We just constructed a consumption function that happens to be a line.
  • This is consumption right over here in the vertical axis.
  • That could be in billions of dollars or clamshells or whatever else.
  • Then right over here we have disposable income.
  • If there is zero disposable income, maybe I'll draw a little table over here.
  • This is I'll call it disposable income and this is consumption.
  • If there's zero disposable income, then this whole term right over here is 0.
  • Then you have 500 billion dollars, or whatever our units are, of base consumption.
  • This would correspond to this point right over here.
  • In the horizontal axis you don't move at all because this is 0.
  • Vertical axis is 500.
  • So you have 500.
  • Let's say disposable income is 1,000 whatever our units are.
  • So this is 500.
  • Let's say this is 1,000 billion clamshells.
  • This could be in billions of clamshells.
  • I don't want to keep having to say that over and over again.
  • What is our consumption going to be in our units?
  • Our consumption is going to be equal to 500 + 0.6 x 1,000 which is equal to 500 + 600 which is equal to 1,100.
  • That would correspond, this right over here, would correspond to; so 1,000, so this might be 1,000 on this axis so this would be 1,100 to this point right over here.
  • That would be the coordinate: 1,000; 1,100.
  • This is a line.
  • Two points make a line.
  • In this particular case we have a consumption function that looks something like this.
  • We picked two points to draw it.
  • If you remember a little bit of your slope, you could view this as your y intercept, or in this case your c intercept, and that your slope would be the .6, and we'll talk more about that in future videos when we dig into the marginal propensity to consume a little bit more.
  • But the one thing I just want to highlight is it's a very simple idea.
  • This does not have to be the consumption function.
  • The consumption functions that we tend to study in introductory economics classes will look like this.
  • It will be a line that has some intersection, some base level of consumption.
  • But one could argue it might be very different.
  • Maybe the consumption function looks like this.
  • Maybe when income is low, for every incremental dollar of income, people are probably going to spend a lot.
  • As they become richer and richer and richer, as their income goes higher and higher, they're going to spend less and less a fraction of their disposable income.
  • Essentially what I'm describing here is a marginal propensity to consume changes.
  • In our first model, we had a very basic marginal propensity to consume.
  • It was constant.
  • For every incremental dollar, .6 of that got spent.
  • So we had a marginal propensity to consume that was constant of 0.6.
  • Marginal propensity to consume.
  • But, you could argue, that maybe a more complex model is justified.
  • That when you have a very high marginal propensity to consume, when people have very little because they have a very low standard of living, they really want to just get a little bit more just so they can live a decent life,
  • but as they get more and more income they say, "Hey, I'm starting to max out my standard of living, "I'll save more and more of it for a rainy day."