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Demand Curve
A locus of points each giving the maximum quantity purchased by the group, of a good or service at a given price per unit of time.
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Demand Schedule
Demand data place on a chart or graph (Price and Quantity).
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Supply
Is a relationship between various quantities of goods and services producers are willing and able to produce at various prices.
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Demand
Is a relationship between various quantities of goods and services that consumers are willing and able to purchase at various prices.
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Kaynes-3
A nation's productive capacity determines its potential GDP, but its actual GDP is determined by its Aggregate expenditures (C +Ig).
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Kaynes-2
An equilibrium level of GDP can occur while resources are less than fully employed or under utilized, therefore The Great Depression of the 1930's can be viewed as a static condition rather than a self-correcting, transition period.
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Kaynes
There are 3 distinguishing characteristics that differentiate Kaynes from his classical counter parts.
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Gross Domestic Product (GDP)
Total market value of all final goods and services produced domestically during the year.
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Law of Supply
Producers are willing and able to produce more goods and services at higher prices (total revanue).
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Economics
Economics is the social science that studies the allocation of scarce resources for the creation, distribution, and consumption of goods and services.
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Personal Income
Total pre-taxed dollars individuals receive.
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Law of Demand
Consumers are willing and able to purchase more goods and services at lower prices (per unit price).
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National Income Accounts
GDP: Total market value of all final goods and services produced domestically during the year- Capital Consumption Allowance = NDP: Net market value of all final goods and services produced domestically during the year - Indirect Business Taxes - Net Foreign Factor Income = National Income: Payments to the factors of production for productive services performed during the year - Retained Coporate Earnings- Corporate Taxes - Pay Roll Taxes ( Social Security Taxes), Transfer Payments, and Interest on the National Debt = Personal Income: Pre-taxed dollars individuals receive - personal taxes = Disposable Income: The amount of money individuals have
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National Income
Payments to the factors of production for productive services performed during the year.
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Supply Schedule
Supply data placed on a chart or graph (Quantity and Price).
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Disposable Income
The amount of money individuals have.
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Supply Curve
A locus of points each giving the minimum price that will bring forth a given quantity of a good or service per unit of time.
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Kaynes-1
General price level in the economy is assumed to be rigid or inflexible downward, therefore, a change in nominal GDP is synonymous with a change in real GDP under most conditions.
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Net Domestic Product (NDP)
Net market value of all final goods and services produced domestically during the year.
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