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August 18, 2022 

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RECESSIONARY GAP: The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production the occurs when short-run equilibrium real production is less than full-employment real production. A recessionary gap, also termed a contractionary gap, is associated with a business-cycle contraction. This is one of two alternative output gaps that can occur when short-run production differs from full employment. The other is an inflationary gap.

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CONSUMPTION SCHEDULE: A table that illustrates the level of consumption that corresponds with each level of income. The consumption schedule captures the basic consumption-income relation underlying Keynesian economics and can be used to derive the consumption line.

     See also | Keynesian economics | consumption | income | psychological law | consumption line | consumption-income relation |


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CONSUMPTION SCHEDULE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: August 18, 2022].


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PRICE FLOOR

A legally established minimum price that is imposed on a market ABOVE the price that otherwise would be achieved in equilibrium. A price floor is placed on a market with the goal of keeping the price high, presumably based on the notion that the equilibrium price is too low. If imposed on a competitive market free of market failures, a price floor creates a surplus, or excess supply.

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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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