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EFFECTIVE DEMAND: The notion that the actual demand for aggregate output in the macroeconomy is based on the actual income or other existing economic conditions and not on income and conditions existing in equilibrium. The idea of effective demand plays a key role in Keynesian economics and how the macroeconomy can have extended periods of unemployment. Effective demand is in direct contrast to the view underlying classical economics that demand is that existing in equilibrium.

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Lesson 5: Market Demand | Unit 4: Determinants Page: 17 of 20

Topic: Ch...Ch...Changes <=PAGE BACK | PAGE NEXT=>

The difference between:
  • Demand, the whole range of prices and quantities
  • Quantity demanded, a specific quantity demanded at a specific price.
The difference between:
  • Change in demand, we are changing, moving, shifting, the entire demand curve, the whole set of prices and quantities is changing. The five determinants change the demand.
  • Change in quantity demanded, we have moved to a new quantity on an same demand curve. Only the price of the good changes the quantity demanded.
  • This difference lets us analyze cause and effect.
  • Don't confuse these two.

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PHYSICAL WEALTH, AGGREGATE EXPENDITURES DETERMINANT

One of several specific aggregate expenditures determinants assumed constant when the aggregate expenditures line is constructed, and that shifts the aggregate expenditures line when it changes. A decrease in physical wealth causes an increase (upward shift) of the aggregate expenditures line. An increase in physical wealth causes a decrease (downward shift) of the aggregate expenditures line. Other notable aggregate expenditures determinants include consumer confidence, federal deficit, inflationary expectations, and exchange rates.

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