GOVERNMENT SECTOR: The basic macroeconomic sector that includes all levels of government, including federal, state, and local. The primary function of the government sector is to force resource allocation decisions that might not otherwise be made by the rest of the economy. This is one of four macroeconomic sectors. The other three are household sector, business sector, and foreign sector.

     See also | government | public sector | private sector | government purchases | taxes | government borrowing | government functions | good types | market failures | public choice | household sector | business sector | foreign sector | circular flow |

GOVERNMENT SECTOR, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: December 5, 2022].

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The state of equilibrium that exists in the aggregate market when real aggregate expenditures are equal to real production with no imbalances to induce changes in the price level or real production. The opposing forces of aggregate demand (the buyers) and aggregate supply (the sellers) exactly offset each other. At the existing price level, the four macroeconomic sectors (household, business, government, and foreign) purchase all of the real production that they seek and producers sell all of the real production that they have.

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