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RELATIVE POVERTY LEVEL: The amount of income a person or family needs to purchase a relative amount of basic necessities of life. These basic necessities are identified relative to the current structure of society and the economy. For example, while a refrigerator would be a basic necessity for someone living in the our modern U.S. economy, it probably would not be consider a necessity for nomads of sub-Saharan Africa or aborigines of Australia.

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Lesson 13: Aggregate Demand | Unit 2: Doing More Page: 9 of 22

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  • The four expenditures that make up aggregate demand: consumption, investment, government purchases, and net export expenditures.
  • How consumption expenditures are made by households on services, durable goods, and nondurable goods.
  • How investment expenditures are made by businesses on inventories, equipment, and fixed structures.
  • How only government purchases of final goods and services qualify as expenditures for aggregate demand.
  • Net exports, which are exports minus imports. Net exports represent the net expenditures of the foreign sector on our domestically produced final goods and services.

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DERIVATION, AGGREGATE EXPENDITURES LINE

An aggregate expenditures line, a graphical depiction of the relation between aggregate expenditures and the level of aggregate income or production, can be derived by sequentially adding expenditures by the four macroeconomic sectors (household, business, government, and foreign). This derivation process begins with the consumption line, then adds investment, government purchases, and finally net exports. The process actually generates three alternative aggregate expenditures lines based on the number of sectors included (two sector, three sector, and four sector).

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