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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 7: Market Equilibrium | Unit 5: Efficiency
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Page: 17 of 22
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Efficiency is one of the five basic goals of the economy. It's nice to have, if you can.- Efficiency is getting the most satisfaction of wants and needs from available resources.
- Scarcity is less of a problem when resources are used efficiently.
- Economists like markets because they can achieve efficiency under the right conditions. And because markets are self-correcting, they can achieve this efficiency without intervention.
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AGGREGATE DEMAND DECREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by a decrease in aggregate demand resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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IIPF
International Institute of Public Finance
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