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LEAKAGE LINE: A line used in the injection-leakage model representing the relation between non-consumption uses of income (that is, leakages) and national income. The three leakages are saving, taxes, and imports. The foundation of the leakages line is the saving line, which is then enhanced by adding taxes and imports. The other part of the injection-leakage model is a line representing injections. The intersection of the injection and leakage lines identifies equilibrium aggregate output, or Keynesian equilibrium.
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Lesson 5: Market Demand | Unit 4: Determinants
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Page: 14 of 20
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Topic:
Shifters: Increase
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Demand determinants shift the demand curve.- The demand curve is drawn assuming that only price and quantity change. The determinants are assumed to be constant.
- A change in one of the determinants can cause:
- An increase in demand, a rightward shift, which means that for any price, for every price, buyers are willing and able to buy more of the good.
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INCOME ELASTICITY OF DEMAND The relative response of a change in demand to a change in income. More specifically the income elasticity of demand is the percentage change in demand due to a percentage change in buyers' income. This notion of elasticity captures the buyers' income demand determinant. Three other notable elasticities are the price elasticity of demand, the price elasticity of supply, and the cross elasticity of demand.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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