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LEGAL FORCES: Forces in the marketing environment that are shaped by government laws affecting business. These are very similar to political forces. Once laws are enacted they are usually very difficult to change. Many companies work hard at lobbying legislatures, Congress, and other elected to pass laws favorable to the company's best interests.

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Lesson 12: Business Cycles | Unit 4: Causes Page: 22 of 26

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  • Why complexity of the economy makes it difficult to identify, without debate or question, THE cause of business cycles.
  • The investment cause of business cycles, based on the volatility of investment, how investment is affected by interest rates, how interest rates change over the business cycle, and the time it takes to produce capital goods.
  • Why the investment cause implies the use of fiscal policy and why pro-government types like this explanation.
  • The politics cause of business cycles, based on politicians seeking re-election, government's ability to control the economy, and voters voting their pocketbooks.
  • Why the politics cause implies the best policy is no policy and why anti-government types like this explanation.

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AUTONOMOUS SAVING

Household saving that does not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in saving. Autonomous saving is best thought of as a baseline level of saving (usually negative) that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the saving function or the saving line. The alternative to autonomous saving is induced saving, which does depend on income.

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