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LEAKAGE: A non-consumption uses of income, including saving, taxes, and imports. Leakages are combined with injections in the injection-leakage model used to identify equilibrium aggregate output in Keynesian economics. The notion of leakage is best viewed through the circular flow, in which saving, taxes, and imports are "leaked" out of the main flow between output, factor payments, national income, and consumption.

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Lesson 11: Circular Flow | Unit 3: Government Page: 12 of 22

Topic: Taxes <=PAGE BACK | PAGE NEXT=>

The government sector tends to be in the middle of most economic activity.
  • Taxes are collected by all levels of government, federal, state, and local.
  • The green flow from the household sector to the government sector is taxes.
  • This flow is household income diverted to the government sector.
Three basic uses of national income:
  • Consumption: Income used by the household sector to buy GDP.
  • Saving: Income diverted to the financial markets for business sector borrowing for capital purchases.
  • Taxes: Income diverted to the government sector for government purchases.
All three come from national income.

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AGGREGATE DEMAND INCREASE, SHORT-RUN AGGREGATE MARKET

A shock to the short-run aggregate market caused by an increase in aggregate demand, resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the short-run aggregate market results in an increase in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for celebrities who speak directly to you through your television.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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