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HARROD-DOMAR MODEL: A model economic growth developed by R. F. Harrod and E. D. Domar that seeks to explain why an economy would not grow as fast has its potential growth rate. This model is based on the notion that actual income determines the amount saving, which is determines investment, which is what affects the rate of economic growth. If saving is not enough, the potential growth rate will not be achieved. The Harrod-Domar model, developed in the 1930s, has a strong Keynesian economic flavor, both indicating that the economy does not automatically achieve its potential.

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Lesson 5: Demand | Unit 4: Determinants Page: 18 of 20

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  • Why relaxing the ceteris paribus assumption enables further analysis of demand and markets.
  • How the changes in the demand determinants cause rightward or leftward shifts in the demand curve.
  • The five basic demand determinants: income, preferences, prices of other goods, buyers' expectations, and number of buyers.
  • How income affects the demand for normal goods differently than inferior goods.
  • How a change in the price of a substitute goods affects demand differently than a change in the price of a complement good.
  • Most important of all, the difference between a change in demand, caused by a change in a demand determinant, and a change in quantity demanded, caused by a change in price.


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COINCIDENT ECONOMIC INDICATORS

Four economic statistics that tend to move up or down along WITH business-cycle expansions and contractions. Most importantly, these measures indicate peak and trough turning points when they actually occur. Coincident economic indicators are one of three groups of economic measures used to track business-cycle activity. The other two are leading economic indicators and lagging economic indicators.

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