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AGGREGATE EXPENDITURE LINE: A line representing the relation between aggregate expenditures and gross domestic product used in the Keynesian cross. The aggregate expenditure line is obtained by adding investment expenditures, government purchases, and net exports to the consumption line. As such, the slope of the aggregate expenditure line is largely based on the slope of the consumption line (which is the marginal propensity to consume), with adjustments coming from the marginal propensity to invest, the marginal propensity for government purchases, and the marginal propensity to import. The intersection of the aggregate expenditures line and the 45-degree line identifies the equilibrium level of output in the Keynesian cross.

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Lesson 22: Factor Supply | Unit 1: Background Page: 5 of 25

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

  • Factor markets are only part of the economic picture.

  • 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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LABOR FORCE

The total number of people in an economy, society, or country willing and able to exert mental and/or physical efforts in productive activities. The labor force is a more technical term for the labor resource or labor supply. It includes both employed workers and unemployed workers. An official variation of this term is civilian labor force. While labor force may or may not include military personnel, the civilian labor force explicitly excludes the military. Labor and labor resources are the theoretical terms that economists like to banter about. Labor force and civilian labor force are the terms of choice for government policy makers, data-crunchers, and others who need precise labor resource numbers.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for small children selling products door-to-door.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"It is not fair to ask of others what you are unwilling to do yourself. "

-- Eleanor Roosevelt, diplomat, activist

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