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GOVERNMENT CONSUMPTION EXPENDITURES AND GROSS INVESTMENT: The official item in the National Income and Product Accounts maintained by the Bureau of Economic Analysis measuring government purchases undertaken by the government sector. Government consumption expenditures and gross investment averages between 15-20% of gross domestic product. This percentage tends to be ebb and flow a little with the political winds.

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Lesson 11: Circular Flow | Unit 1: Basic Flow Page: 6 of 22

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  • The circular flow model, which is the continuous production and consumption interaction among the four major sectors-household, business, government, and foreign-- that takes place through the three aggregated macroeconomic markets--product, factor and financial.
  • The basic role of the sectors--household, business, government and foreign--of the economy.
  • The three aggregated markets: (a) Product markets: All markets in the economy that exchange final goods and services. (b) Factor markets: All markets that exchanges the services of the economy's labor resources. (c) Financial markets: All markets that trade financial instruments.
  • The physical flow, which is the counter-clockwise flow of resources from the household to the business sector and of production from the business to the household sector.
  • The payment flow, which is the clockwise flow of payment for resources purchased by the business from the household sector and of payment for production purchased by the household to the business sector.
  • The continuous circular flow of payments: GDP used for factor payments, which becomes national income, which is used for consumption to buy GDP.

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OTHER PRICES, DEMAND DETERMINANT

The prices of other goods that influence the decision to purchase a particular good, which are assumed constant when a demand curve is constructed. Other prices can be for goods that are either substitutes-in-consumption or complements-in-consumption. This is one of five demand determinants that shift the demand curve when they change. The other four are other prices, buyers' preferences, buyers' expectations, and number of buyers.

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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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