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8 Cards in this Set
- Front
- Back
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the value of total output produced at full employment
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full employment gdp
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income not spent directly on domestic output but instead diverted from circular flow, for example, saving, imports, taxes
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leakage
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depreciation allowances and retained earnings
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gross business saving
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an addition of spending to the circular flow of income
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injection
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the value of total output produced at marco equilibrium
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equilibrium gdp
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the amount by which equilibrium gdp falls short of full employment gdp
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recesionary gdp gap
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an increase in the price level initiated by excessive demand
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demand pull inflation
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the amount by which equilibrium gdp exceeds full employment gdp
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inflationary gdp gap
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