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LEAKAGE LINE: A line used in the injection-leakage model representing the relation between non-consumption uses of income (that is, leakages) and national income. The three leakages are saving, taxes, and imports. The foundation of the leakages line is the saving line, which is then enhanced by adding taxes and imports. The other part of the injection-leakage model is a line representing injections. The intersection of the injection and leakage lines identifies equilibrium aggregate output, or Keynesian equilibrium.

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Lesson 12: Business Cycles | Unit 5: Policies Page: 26 of 26

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  • How stabilization policies can limit or prevent the unemployment and inflation problems caused by business cycle instability.
  • The two main types of stabilization problems, fiscal policy and monetary policy.
  • How expansionary fiscal policy counters contractions with more spending and lower taxes.
  • How expansionary monetary policy counters contractions with more money.
  • How contractionary fiscal policy counters expansions with less spending and higher taxes.
  • How contractionary monetary policy counters expansions with less money.

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OPEN ECONOMY

An economy that engages in international trade, especially one that exports goods and services to, and imports goods and services from, other economies that make up its foreign sector. It is "open" in the sense that goods and services flow into and out of the country. The alternative to an open economy is a closed economy, one that does not engage in international trade.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either a square lamp shade with frills along the bottom or an electric coffee pot with automatic shutoff. Be on the lookout for the last item on a shelf.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"Most of the things worth doing in the world had been declared impossible before they were done."

-- Louis D. Brandeis, Supreme Court Justice

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