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ACCELERATOR: The ratio between investment expenditures and the change in gross domestic product. This is based on the notion that business investment depends on the rate of growth of aggregate output. If the economy is expanding, in other words, then the business sector invests in more capital goods to produce the extra output needed. This accelerator effect modifies and magnifies the simply multiplier effect based on the induced consumption and the marginal propensity to consume.

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Lesson 2: Economic Science | Unit 4: Science and Practice Page: 13 of 20

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An example of how the scientific method works:
  • You suspect that a relationship exists between course grades and where students are seated in the class.
  • Specifically, you think that students who sit closer to the front of the class receive higher the grades.
Three forms of our hypothesis:
General:
  • Students seated closer to the front receive higher grades.
A More Specific Form:
  • If students sit on the front row, then they receive As-- if they sit on the second row, then they receive Bs-- etc.
Using An Equation:
  • G = a + bD, where b is negative, meaning students seated closer (small D) receive higher grades (large G).
  • Key is that we can compare hypothesis with data.

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AUTONOMOUS EXPENDITURES

Expenditures on aggregate production by the four macroeconomic sectors that do not depend on income or production (especially national income or even gross domestic product). That is, changes in income do not generate changes in these expenditures. Each of the four aggregate expenditures--consumption, investment expenditures, government purchases, and net exports--have an autonomous component. Autonomous expenditures are affected by the ceteris paribus aggregate expenditures determinants and are measured by the intercept term of the aggregate expenditures line. The alternative to autonomous expenditures are induced expenditures, expenditures which do depend on income.

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Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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