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unit3 vocab ap macro

ap macroeconomics

QuestionAnswer
average propensity to consume (APC) fraction (or percentage) of disposable income that households plan to spend for consumer goods and services; consumption divided by disposable income
average propensity to save (APS) fraction (or percentage) of disposable income that households save; saving divided by disposable income
marginal propensity to consume (MPC) the fraction of any change in disposable income spent for consumer goods; equal to the change in consumption divided by the change in disposable income
marginal propensity to save (MPS) the fraction of any change in disposable income that households save; equal to the change in saving divided by the change in disposable income
Multiplier effect the effect on equilibrium GDP of a change in aggregate expenditures or aggregate demand (caused by a change in the consumption schedule, investment, government expenditures, or net exports)
Inflationary Gap the amount by which the aggregate expenditures schedule must shift downward to decrease the nominal GDP to its full-employment noninflationary level
Aggregate Demand (AD) a schedule or curve that shows the total quantity of goods and services demanded (purchased) at different price levels
Determinants of AD factors such as consumption spending, investment, government spending, and net exports that, if they change, shift the AD curve
Aggregate Supply (AS) a schedule or curve showing the total amount spent for final goods and services at different levels of real GDP
Determinants of AS factors such as input prices, productivity, and the legal-institutional environment that if they change, shift the AS curve
Expansionary Fiscal Policy an increase in government purchases of goods and services, a decrease in net taxes, or some combination of the two for the purpose of increasing AD and expanding real output
Contractionary Fiscal Policy a decrease in government purchases for goods and services, an increase in net taxes, or some combination of the two, for the purpose of the decreasing AD and thus controlling inflation
Crowding-out Effect a rise in interest rates and a resulting decrease in planned investment caused by the Federal government's increased borrowing in the money market
Created by: edgargfhs