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INDUSTRY: A group of firms producing goods or services that are close substitutes-in-consumption. The similarity of the products makes it possible to analyze the production in a market framework. An industry can be broadly defined, such as the manufacturing industry, or narrowly specified, such as the root beer industry. For most economic analysis the term industry is used interchangeably with the term market.

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Lesson 13: Aggregate Demand | Unit 2: Doing More Page: 7 of 22

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

The government sector, like the household and business sectors, buys a portion of the final goods and services produced by the economy. These are government purchases.

Two points:

  • We study government purchases made by all three levels: federal, state, and local. But the federal level will occupy much of our interest.
  • We study government spending only for newly produced goods. We exclude government spending on transfer payments.

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DEMAND-PULL INFLATION

Inflation that results from increases in aggregate demand that exceed any increases in aggregate supply. This type of inflation results when the four macroeconomic sectors (household, business, government, and foreign) collectively try to purchase more output than the economy is capable of producing. The alternative type of inflation is cost-push inflation.

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APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?

On a typical day, the United States Mint produces over $1 million worth of dimes.
"Always remember that striving and struggle precede success, even in the dictionary. "

-- Sarah Ban Breathnach, writer

VIR
Variable Interest Rate
A PEDestrian's Guide
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