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LEAKAGE: A non-consumption uses of income, including saving, taxes, and imports. Leakages are combined with injections in the injection-leakage model used to identify equilibrium aggregate output in Keynesian economics. The notion of leakage is best viewed through the circular flow, in which saving, taxes, and imports are "leaked" out of the main flow between output, factor payments, national income, and consumption.

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Lesson 6: Supply | Unit 4: Determinants Page: 16 of 19

Topic: Ch...Ch...Changes <=PAGE BACK | PAGE NEXT=>

  • Supply, the whole range of prices and quantities
  • Quantity supplied, a specific quantity supplied at a specific price.
The difference between:
  • Change in supply, we are changing, moving, shifting, the entire supply curve, the whole set of prices and quantities is changing. The five determinants change the supply.
  • Change in quantity supplied, we have moved to a new quantity on an same supply curve. Only the price of the good changes the quantity supplied.
  • This difference lets us analyze cause and effect.
  • Don't confuse these two.

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AGGREGATE MARKET SHOCKS

Disruptions of the equilibrium in the aggregate market (or AS-AD model) caused by shifts of the aggregate demand, short-run aggregate supply, or long-run aggregate supply curves. Shocks of the aggregate market are associated with, and thus used to analyze, assorted macroeconomic phenomena such as business cycles, unemployment, inflation, stabilization policies, and economic growth. The specific analysis of aggregate market shocks identifies changes in the price level (GDP price deflator) and real production (real GDP). Changes in the price level and real production have direct implications for the unemployment rate, the inflation rate, national income, and a host of other macroeconomic measures.

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Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for small children selling products door-to-door.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. "

-- E. M. Forster, writer

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