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AGGREGATE EXPENDITURES LINE: A line representing the relation between aggregate expenditures and gross domestic product used in the Keynesian cross. The aggregate expenditure line is obtained by adding investment expenditures, government purchases, and net exports to the consumption line. As such, the slope of the aggregate expenditure line is largely based on the slope of the consumption line (which is the marginal propensity to consume), with adjustments coming from the marginal propensity to invest, the marginal propensity for government purchases, and the marginal propensity to import. The intersection of the aggregate expenditures line and the 45-degree line identifies the equilibrium level of output in the Keynesian cross.

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Lesson 19: Money Creation | Unit 2: Fred Returns Page: 5 of 23

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Let's do a review of our story of Fred the Goldsmith.
  • Fred the Goldsmith, has developed several modern banking functions.
  • Gold, his raw material, is also the economy's medium of exchange, so he has found the SAFEKEEPING function.
  • Requests to store extra gold owned by Bill the Knight and others is the DEPOSITORY function of modern banks.
  • Requests to borrow gold by Elizabeth the Innkeeper, has led to the LENDING function of modern banks.
  • The need to keep some of the gold deposited, but not all of it, has led to the modern banking function of backing deposits with reserves, FRACTIONAL-RESERVE banking.

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EIGHT-FIRM CONCENTRATION RATIO

The proportion of total output in an industry produced by the eight largest firms in an industry. This is one of two common concentration ratios. The other is the eight-firm concentration ratio. Another related measure is the Herfindahl index. The eight-firm concentration ratio is commonly used to indicate the degree to which an industry is oligopolistic and the extent of market control held by the eight largest firms in the industry.

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Today, you are likely to spend a great deal of time at a flea market seeking to buy either a handcrafted spice rack or a cell phone case. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"The roots of education are bitter, but the fruit is sweet."

-- Aristotle, philosopher

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