Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
11 Cards in this Set
- Front
- Back
|
planned investment
|
the amounts that firms plan to invest
|
|
|
investment schedule
|
a curve or a schedule that shows the amounts firms plan to invest at various possible values of real GDP
|
|
|
aggregate expenditures schedule
|
a schedule or curve showing the total amount spent for final goods and services at different levels of real GDP
|
|
|
equilibrium GDP
|
the GDP at which the total quantity of final goods and services purchased (aggregate expenditures) is equal to the total quantity of final goods and services produced (the real domestic output)
|
|
|
leakage
|
withdrawal of spending from the economy's circular flow of income and expenditures
|
|
|
injection
|
an addition of spending to the income-expenditure stream: investment, government purchases, and net exports
|
|
|
unplanned changes in inventories
|
changes in inventories that firms did not anticipate
|
|
|
net exports
|
exports minus imports
|
|
|
lump-sum tax
|
a tax yielding the same amount of tax revenue at each level of GDP
|
|
|
recessionary expenditure gap
|
the amound by which aggregate expenditures at the full-employment GDP fall short of those required to achieve the full employment GDP
|
|
|
inflationary expenditure gap
|
the amount by which an economy's aggregate expenditures at the full-employment GDP exceed those just necessary to achieve the full-employment level of GDP
|
