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REALISM OF PERFECT COMPETITION: Perfect competition is an idealized market structure that does NOT exist in the real world. While some real world industries might come relatively close to a one or two of the four key characteristics of perfect competition, none matches all four sufficiently that we can declare a perfectly competitively industry. Some industries come close on the large number of small firms and the identical product characteristics. A few industries have relatively good, although not perfect, information about prices and technology. However, almost all industries fall far short of the perfect mobility characteristics.

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Lesson 13: Aggregate Demand | Unit 2: Doing More Page: 7 of 22

Topic: Government Purchases <=PAGE BACK | PAGE NEXT=>

The government sector, like the household and business sectors, buys a portion of the final goods and services produced by the economy. These are government purchases.

Two points:

  • We study government purchases made by all three levels: federal, state, and local. But the federal level will occupy much of our interest.
  • We study government spending only for newly produced goods. We exclude government spending on transfer payments.

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AGGREGATE EXPENDITURES EQUATION

An equation that summarizes the four aggregate expenditures on gross domestic product by the four macroeconomic sectors. In the study of Keynesian economics, this equation is commonly used to summarize the demand side of the macroeconomy. The aggregate expenditures equation actually comes in three different versions depending on how many of the four sectors and their expenditures are included.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either a pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?

A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. "

-- Seneca, statesman, dramatist, philosopher

ICAPM
Intertemporal Capital Asset Pricing Model
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