March 17, 2018 

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INJECTION: A non-consumption expenditure on gross domestic product, including investment expenditures, government purchases, and exports. Injections are combined with leakages in the injection-leakage model used to identify equilibrium aggregate output in Keynesian economics. The notion of injection is best viewed through the circular flow, in which investment expenditures, government purchases, and exports are "injected" into the main flow between output, factor payments, national income, and consumption.

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Lesson 2: Economic Science | Unit 5: Cause and Effect Page: 17 of 20

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The purpose of science is to identify the fundamental, basic laws of nature that guide our every moves.
  • The purpose of the scientific method is to explain the world by identifying cause and effect.
  • For every action there is a consequence. And for every consequence there is a cause.
The first step is to identify cause and effect links is correlation:

  • Correlation. If event A causes event B, then event A is correlated with event B. But, correlation does not mean causation. Two events can be correlated, without one causing the other. Note the fallacy of false cause.
  • Time Proximity. Event A and event B must happen at about the same time.
  • Time Sequence. Event A must precede event B. If event B occurs first, then it can't be caused by event A.

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A shock to the long-run aggregate market caused by an increase in aggregate demand resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.

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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for telephone calls from long-lost relatives.
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