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REAL-BALANCE EFFECT: A change in aggregate expenditures on real production made by the household, business, government, and foreign sectors that results because a change in the price level alters the purchasing power of money. This is one of three effects underlying the negative slope of the aggregate demand curve associated with a movement along the aggregate demand curve and a change in aggregate expenditures. The other two are interest-rate effect and net-export effect.

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Lesson 9: Macro Basics | Unit 1: The Macroeconomy Page: 3 of 16

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  • The basic definition of an economy, which is an interactive system of production, distribution, and consumption of resources, goods and services.
  • The four macroeconomic sectors of and their expenditures on total production: (a) the household sector and consumption, (b) the business sector and investment, (c) the government sector and government purchases, and (d) the foreign sector and net exports.
  • The primary economic functions of the household sector, which is consumption, the business sector, which is production, and the government sector, which is regulating economic activity.
  • The difference between microeconomics, the study of the parts of the economy, and macroeconomics, the study of the aggregate economy.


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INVISIBLE HAND

The notion that buyers and sellers, consumers and producers, households and businesses, by pursuing their own self-interests do what is best for the economy automatically without any government intervention, as if guided by an invisible hand.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for slow moving vehicles with darkened windows.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover."

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JIE
Journal of Industrial Economics
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