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BUDGET PROPORTION: One of three elasticity determinants (time period and substitute availability are the other two) stating that the elasticity of a good tends to be greater when the proportion of the budget devoting to the good is greater. In other words, the price elasticity of demand for housing (which takes up a sizeable portion of most budgets) is greater than that for a pair of socks (which does not take up much of most budgets). Even small percentage changes in goods that constitute a sizeable share of income can be quite large in absolute terms. As such, buyers tend to more sensitive to price changes in big-budget expenditures. This elasticity determinant works primarily for the price elasticity of demand.

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Lesson 13: Aggregate Demand | Unit 5: Policies Plus Page: 22 of 22

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  • How shifts in the aggregate demand curve are a source of macroeconomic (business cycle) instability.
  • The two basic types of macroeconomic problems associated with business cycles, recessions (with unemployment) and booming expansions (with inflation).
  • Controlling aggregate demand instability through demand-management policies, including fiscal and monetary policies.
  • Fiscal policy that affects aggregate spending directly through government purchases and indirectly through taxes.
  • Monetary policy that affects aggregate spending indirectly interest rates.

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VERY LONG RUN, MICROECONOMICS

A production time period in which all inputs are variable, including those under control of the firm and those beyond the control of the firm. During the very long run, not only are the labor, capital, land, and entrepreneurship inputs variable, but so too are key production inputs such as government rules, technology, and social customs. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very short run.

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