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SCARCE GOOD: A resource with an available quantity less than its desired use. Scarce resources are also called factors of production. Scarce goods are also termed economic goods. Scarce resources are used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource is scarce because it has a limited availability in combination with a greater (potentially unlimited) productive use. It's both of these that make it scarce. In other words, even though an item is quite limited it will not be a scarce resource if it has few if any uses (think pocket lint and free good).

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Lesson 11: Circular Flow | Unit 3: Government Page: 14 of 22

Topic: Government Borrowing <=PAGE BACK | PAGE NEXT=>

When government does not collect enough taxes to pay for purchases, it borrows through the financial markets.
  • The federal deficit is borrowing by the federal government to make up the difference between taxes and spending.
  • State and local governments also borrow through financial markets.
  • The green flow leaving the financial markets and entering the government sector is government borrowing.
  • Government sector purchases can be less than taxes, which means government saves to the financial markets.
  • Many state and local governments actually save. State and local saving reduces total government sector borrowing in times of high federal deficits.

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SIMPLE EXPENDITURES MULTIPLIER

A measure of the change in aggregate production caused by changes in an autonomous expenditure that shocks the macroeconomy, when consumption is the ONLY induced expenditure. The simple expenditures multiplier is the inverse of one minus the marginal propensity to consume, or more simply the inverse of the marginal propensity to save. A related multiplier is the simple tax multiplier, which measures the change in aggregate production caused by changes in taxes.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a replacement remote control for your stereo system or a computer that can play video games and burn DVDs. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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