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Factors affecting.

Chapter 24

TermDefinition
Average propensity to consume (APC) The fraction of income that is spent
Average propensity to import (APM) The fraction of income spent on imports
Average propensity to save (APS) The fraction of income that is saved
Closed economy An economy that does not engage in international trade,that is,it has no exports and imports
Deflationary gap If the equilibrium level of income is less than the level of income required to have full employment of resources,then there is said to be a deflationary gap
Inflationary gap If the equilibrium level of income is higher than the level of income required to bring about full employment,then there is said to an inflationary gap
Injection Anything that increases the flow of income in the economy (that is,investment,exports and government spending)
Marginal propensity to consume (MPC) The fraction of extra income that is spent
Marginal propensity to import (MPM) The fraction of extra income that is spent on imports
Marginal propensity to pay tax (MPT) The fraction of extra income that is paid in tax
Marginal propensity to save (MPS) The fraction of extra income that is saved
Multiplier The multiplier is the relationship between an initial injection into the circular flow of income and the eventual total increase in national income resulting from that injection
National income equation Y=C+I+G+X-M
Open economy An economy that engages in international trade,selling exports and buying imports
Potential level of national income The maximum level of output that the economy is capable of producing,given its resources
Withdrawal (or leakage) Anything that reduces the flow of income in the economy (that is,savings,imports and taxation)
Created by: jmartineconomics
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