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KEYNESIAN EQUILIBRIUM: The state of the macroeconomy in which aggregate expenditures are equal to aggregate output. This is illustrated using the income-expenditure model, or Keynesian cross, as the intersection of the aggregate expenditures line and the 45-degree line. The aggregate expenditures line is the summation of consumption expenditures, investment expenditures, government purchases, and net exports. The 45-degree line represents all combinations in which aggregate expenditures equal aggregate output. Keynesian equilibrium is also represented by the saving-investment, or injection-leakage, model as the intersection between the injection line (investment expenditures, government purchases, and exports) and the leakage line (saving, taxes, and imports).

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Lesson 22: Factor Supply | Unit 2: Resources Page: 11 of 25

Topic: Entrepreneurship: Risk <=PAGE BACK | PAGE NEXT=>

  • Some key features underlying the factor supply of entrepreneurial services.

    • Unknown Quantity: First, because entrepreneurs can move so easily into and out of the ranks of labor, identifying the factor supply of entrepreneurship is not that simple.

    • Risk Preference: Second, that task of organizing production undertaken by entrepreneurship is full of risk.

    • Less to Lose: Third, people are more inclined to undertake the risk of entrepreneurship, when they have less to lose.


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FRACTIONAL-RESERVE BANKING

A method of banking activity in which banks keep less than 100 percent of their deposits in the form of bank reserves and use the rest for interest-paying loans. Fractional-reserve banking makes it possible for banks to function as profit-seeking financial intermediaries (matching up lenders and borrowers) while ensuring the safety and liquidity of deposits, especially checkable deposits that are part of the economy's money supply.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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