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DISEQUILIBRIUM, AGGREGATE MARKET: The state of the aggregate market in which real aggregate expenditures are NOT equal to real production, which result in imbalances that induce changes in the price level, aggregate expenditures, and/or real production. In other words, the opposing forces of aggregate demand (the buyers) and aggregate supply (the sellers) are out of balance. Either the four macroeconomic sector (households, business, government, and foreign) buyers are unable to purchase all of the real production that they seek at the existing price level or business-sector producers are unable to sell all of the real production that they have available at the existing price level.

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Lesson 11: Circular Flow | Unit 3: Government Page: 15 of 22

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  • The role the government sector plays in the economy and the circular flow through taxes and spending.
  • How taxes divert household sector income to the government sector to pay for government purchases.
  • That with the government sector included, the circular flow highlights the three basic uses of national income: consumption, saving, and taxes.
  • Why government spending is divided into government purchases of GDP and transfer payments.
  • Why the circular flow is interested in the net tax flow (taxes minus transfer payments) from households to government.
  • When government does not collect enough taxes to pay for purchases, it can borrow through the financial markets.
  • The Federal deficit, which is the borrowing by the federal government to make up the difference between taxes and spending.
  • That federal borrowing is combined with state and local borrowing (or saving) for total government borrowing.
  • Why the government sector diverts part of the circular flow, but does not necessarily change the total amount of GDP.

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ACCOUNTING COST

An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are more interested in economic cost (also called opportunity cost), which is the value of foregone production.

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