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BUDGET: A statement of the financial position of an entity--especially household, business, or government--based on estimates of anticipated revenues and expenditures. A budget is balanced if the revenues and expenditures are equal. A budget deficit arises if expenditures exceed revenues and a budget surplus exists if revenues are greater than expenditures.

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Lesson 15: Aggregate Market | Unit 1: The Concept Page: 5 of 22

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The aggregate market is designed to explain the macroeconomy's price level and real production.
  • Aggregate demand is the relation between expenditures on real production and the price level.
  • Aggregate supply is the relation between the supply of real production and the price level--short run and long run.
  • The aggregate market identifies suitable values for the price level and real production that keep the aggregate economy--buyers and sellers--satisfied.
  • The aggregate market helps us to analyze and understand the macroeconomy.
We are primarily concerned with the problems of inflation and unemployment.

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INDUCED GOVERNMENT PURCHASES

Government purchases that depend on income or production (especially national income and gross domestic product). That is, changes in income induce changes in government purchases. Induced government purchases reflect the observation that the government sector (especially state and local governments) is inclined to use tax revenue, which increases with income, for purchases. They are measured by the marginal propensity for government purchases (MPG) and are reflected by the positive slope of government purchases line. The alternative to induced government purchases is autonomous government purchases, which do not depend on income.

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Today, you are likely to spend a great deal of time strolling through a department store trying to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for door-to-door salesmen.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. "

-- Muhammad Ali

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