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SLOPE, NET EXPORTS LINE: The negative slope of the net exports line is based on the marginal propensity to import (MPM). Because net exports are exports minus imports, the induced change in imports causes an opposite change in net exports. As such, the slope of the net exports line is negative, less than zero (but greater than negative one). The slope of the net exports line affects the slope of the aggregate expenditures line and thus also affects the magnitude of the multiplier process.
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Lesson 7: Market | Unit 1: The Exchange
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Page: 5 of 22
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- The concept of markets as voluntary trades among buyers and sellers that is used to address the scarcity problem.
- Four key points about markets:
- They combine demand and supply.
- They trade goods, services, and resources.
- They are voluntary.
- They are analyzed over a give time period.
- Examples of different markets, ranging from a formal, organized stock market to a less formal, less organized rummage sale.
- The nature of market equilibrium as a balance of the forces of demand and supply.
- How market equilibrium is indicated by the equilibrium quantity and equilibrium price.
- The importance of competition to the efficient operation of markets and how the number of participants determines competition among buyers and sellers.
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AUTONOMOUS NET EXPORTS Net exports by the foreign sector that do not depend on income or production (especially national income or gross domestic product). That is, changes in income do not generate changes in net exports. Autonomous net exports are best thought of as net exports that the foreign sector undertakes independent of income. They are measured by the intercept term of the net exports line. The alternative to autonomous net exports is induced net exports, which do depend on income.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a how-to book on home decorating or a set of luggage with wheels. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"Many people think that if they were only in some other place, or had some other job, they would be happy. Well, that is doubtful. So get as much happiness out of what you are doing as you can and don't put off being happy until some future date. " -- Dale Carnegie
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HSB
High School and Beyond
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