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LEAKAGE: A non-consumption uses of income, including saving, taxes, and imports. Leakages are combined with injections in the injection-leakage model used to identify equilibrium aggregate output in Keynesian economics. The notion of leakage is best viewed through the circular flow, in which saving, taxes, and imports are "leaked" out of the main flow between output, factor payments, national income, and consumption.
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Lesson 21: Factor Demand | Unit 1: Factor Markets
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Page: 3 of 24
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- A review the four basic resources included in factor markets:
- Labor: This is the human effort, both physical and mental, used in production.
- Capital: This is the machines, equipment, tools, and buildings used in production.
- Land: This is the raw materials or natural resources that make up the good produced.
- Entrepreneurship: This is the risk-taking organizers of production.
- Once again, it is worth emphasizing that factor markets trade the services of these assorted resources.
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IMPORTS LINE A graphical depiction of the relation between imports bought from the foreign sector and the domestic economy's aggregate level of income or production. This relation is most important for deriving the net exports line, which plays a minor, but growing role in the study of Keynesian economics. An imports line is characterized by vertical intercept, which indicates autonomous imports, and slope, which is the marginal propensity to import and indicates induced imports. The aggregate expenditures line used in Keynesian economics is derived by adding or stacking the net exports line, derived as the difference between the exports line and imports line, onto the consumption line, after adding investment expenditures and government purchases.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"All labor that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence. " -- Martin Luther King Jr., civil rights leader
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NCUA
National Credit Union Administration
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