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Econ Test Unit 4

TermDefinition
Disposable income how much money you have after taxes
Average propensity to consume home much you spend on average, consumption/disposable income
Average propensity to save home much you save on average, savings/disposable income
APC + APS = 1
Marginal propensity to consume how much of each additional dollar you spend, delta consomption/delta desposable income
Marginal propensity to save how much of each additional dollar is saved, delta savings/deltal disposable income
MPC + MPS =1
spending multiplier 1/mps
tax multiplier -mpc/mps
the tax multiplier is always 1 less than the spending multiplier
fiscal policies government spending or tax policies
fiscal policies generally affect demand
what can shift SRAS less taxes, more subsidies, less regulation
increase LRAS? more education, more tech, natural resources
deficit when you spend more than you have this year
surplus extra money
debt accumulated overtime
Phillips curve summary of unemployemnt and inflation when AD shifts, downward sloping
When AD changes there is a movment along the Phillips curve
When SRAS changes there is a movement of the Phillips curve
An increase in SRAS will increase real GDP but not the price level
An increase in AD will increase real GDP and price level
Examples of automatic stabilizers progressive personal income tax, unemployment compensation
contractionary policy reduces aggregate demand, high taxes less spending, fixes inflation
expansionary fiscal policy increase AD, lower taxes more spending, fix recession
Discresionary gov takes deliberate action
automatic built in to ecnonomy, no new policies
crowding out government increases borrowing, raising interst rates and pushing people out of the economony
loanable funds graph real interst rate vs quanitity loanable funds, Supply vs Demand
Created by: Ami0112
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