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RECESSIONARY GAP, KEYNESIAN MODEL: The difference between equilibrium aggregate production achieved in the Keynesian model and full-employment aggregate production that occurs when equilibrium aggregate production is less than full-employment aggregate production. A recessionary gap, also termed a contractionary gap, is associated with a business-cycle contraction. The prescribed Keynesian remedy for a recessionary gap is expansionary fiscal policy. This is one of two alternative output gaps that can occur when equilibrium generates production that differs from full employment. The other is an inflationary gap.

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Lesson 21: Factor Demand | Unit 1: Factor Markets Page: 5 of 24

Topic: Circular Flow <=PAGE BACK | PAGE NEXT=>

  • This diagram depicts the basic circular flow of the economy.

  • The circular flow is the continuous production and consumption interaction among the household and business sectors that takes place through the product and resource markets.
  • Examining the circular flow more closely.

  • Two Sectors:

    • Household
    • Business

    The household and business sectors interact through Two Markets:

    • Product Markets
    • Resource Markets

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FALLACY OF MASS APPEAL

The logical fallacy of arguing that something is "correct" or "true" because a majority of the population thinks so. This is commonly used by both advertisers and politicians. Just because something is popular, does not mean it is "right." In fact, a cynic might argue that being popular probably makes it "wrong."

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?

In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"A leader, once convinced that a particular course of action is the right one, must . . . be undaunted when the going gets tough."

-- President Ronald Reagan

DARA
Decreasing Absolute Risk Aversion
A PEDestrian's Guide
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