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GOVERNMENT PURCHASES OF GOODS AND SERVICES: Expenditures on final goods and services (that is, gross domestic product) undertaken by the government sector. The official entry for government purchases in the National Income and Product Accounts maintained by the Bureau of Economic Analysis is termed government consumption expenditures and gross investment. Government purchases are used to operate the government (administrative salaries, etc.) and to provide public goods (national defense, highways, etc.). Government purchases do not include other government spending for transfer payments. These are expenditures on final goods by all three levels of government: federal, state, and local governments.

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Lesson 9: Macro Basics | Unit 3: Business Cycles Page: 9 of 16

Topic: Causes <=PAGE BACK | PAGE NEXT=>

To understand business cycles, we need the causes:
  1. Consumption: If households decide to buy more or less, the rest of the economy follows suit.
  2. Capital Investment: Big swings can set in motion upward or downward spirals of total production.
  3. Government Purchases and Taxes: Government purchases can be contractionary or expansionary effect over the economy. Taxes affect the ability of the household and business sectors to buy production.
  4. Net Exports: Changes in exports can trigger expansions and contractions of the domestic economy.
  5. Circulating Money: Too much money can trigger and inflationary expansion, too little money can trigger contraction and unemployment.
  6. Resource Supply Considerations: Resource supply changes (energy prices, technology, wages, etc.) can trigger expansions and contractions.

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AGGREGATE MARKET

An economic model relating the price level and real production that is used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, but adapted to the macroeconomy, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers). Also known by the names AS-AD model or income-price model, the aggregate market is THE cornerstone model of macroeconomic analysis.

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