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RETURNS TO SCALE: Changes in production the occurs when all resources are proportionately increased in the long run. Returns to scale answers the question: If labor, capital, and ALL other inputs increase by 10%, does output increase by more than 10%, less than 10%, or exactly 10%? These answers indicate that returns to scale can take one of three forms: increasing returns to scale, decreasing returns to scale, and constant returns to scale.

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Lesson 13: Aggregate Demand | Unit 2: Doing More Page: 8 of 22

Topic: Net Exports <=PAGE BACK | PAGE NEXT=>

The foreign sector, everyone who is not a citizen of our domestic economy, also purchases domestic production. These are termed net exports.

Net exports are exports minus imports.

  • Exports are purchases of domestic production by the foreign sector.
  • Imports are the purchases of foreign production by the domestic sector.
  • Net exports gives us an overall picture of how our economy interacts with the foreign sector.
  • Calculating net exports by subtracting imports gives us aggregate expenditures on domestic production only.

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ASSUMPTION

An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.

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