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INDUCED GOVERNMENT PURCHASES: Government purchases that depend on income or production (especially national income or gross national product). An increase in national income triggers an increase in induced government purchases. Induced government purchases is graphically depicted as the slope of the government purchases line and is measured by the marginal propensity for government purchases. The induced relation between income and government purchases, as well as other induced expenditures, form the foundation of the multiplier effect triggered by changes in autonomous expenditures.
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Lesson 17: Market Structures | Unit 5: Government
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Page: 23 of 23
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In this unit, you should have learned about:- How the market control of different market structures affects the efficiency of resource allocation.
- That perfect competition is the benchmark for efficiency, with monopoly being the worst, monopolistic competition having minimal problems, and oligopoly the most controversial.
- How and why government intervention is used to address the inefficiency that emerges from market control.
- Why monopoly is almost always subject to government intervention, monopolistic competition almost never, and oligopoly the most controversial.
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CURRENCY Pieces of paper and metal coins that circulate around the economy as the medium of exchange. Currency is usually (not always, but usually) authorized and used by the national government. U.S. currency is denominated in dollars and issued the Federal Reserve System (paper currency) and the U.S. Department of the Treasury (metal coins). Currency is approximately one-half of the official M1 monetary aggregate tracked by the Federal Reserve System. The other half is checkable deposits maintained by banks.
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The average bank teller loses about $250 every year.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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HKFE
Hong Kong Futures Exchange
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