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EC251

Macroeconomics

QuestionAnswer
Aggregate demand Total quantity of output demanded at alternative price levels in a given time period
Aggregate demand line will shift in response to Changes in income, expectations, wealth credit and taxes
Aggregate demand components C+I+G+(X-M)
Aggregate supply Total quantity of output producers are willing and able to supply at alternative price levels in a given time period
Macro equilibrium The combination of price and real output that is compatible with both aggregate demand and aggregate supply
Derived demand Demand for labor and of production that comes from the buying or demand for goods and services from the consumer.
Consumption Expenditures by consumers on final goods and services
Disposable income After tax income of consumers. consumption is based on disposable income
Consumption + savings Disposable income
Average propensity to consume Total consumption in a given time period divided by total disposable income
APC formula C divided by Yd
MPC is Change in consumption divided by change in disposable income
Marginal propensity to save The fraction of each dollar of disposable income not spent on consumption What is left over after spending (savings)
MPS is 1-MPC
Consumption function A mathematical relationship indicating the rate of desired consumer spending at various income levels reflected in the AD curve
Consumption function formula C = a + b(mpc) x Yd
Autonomous spending Consumer spending not based on current income buying with savings or loans or out of habit
Full employment GDP Total market value of all final goods and services that could be produced if a nation is fully employed
Dissavings spending expenditures in excess of disposable income a negative savings flow( spending more than what you make )
Leakage Income not spent directly on domestic output
Leakage can come in the form of Savings, higher taxes, money spent on imports
Investments Expenditures on new plants, equiptment and structures in any given time period plus changes in inventory
Created by: brsoul1
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