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Lecture Notes for ECO 155 - Principles of Macroeconomics at Missouri State (Mo State)

Notes Information

Material Type:Class Note
Professor:Staff
Class:ECO 155 - Principles of Macroeconomics
Subject:Economics (ECO)
University:Missouri State University
Term:--
Keywords:
  • Pessimistic
  • The Economy
  • Any Questions
  • Individual Consumer
  • Negative Relationship
  • Distinction
  • Manipulation
  • Government Spending
  • Investment Spending
  • Two Hundred
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Sample Document Text

ECO 155 750 LECTURE 28 1 WELL, HERE WE ARE AGAIN TODAY. WE WANT TO CONTINUE DISCUSSING THAT KEYNESIAN MACROECONOMICS MODEL WHICH WE WERE DOING LAST TIME. LET ME GIVE YOU KIND OF A QUICK REVIEW AND THEN WE'LL DO A FEW WORD -- PROBLEMS, I SHOULD SAY. WE'VE GOT DIFFERENT SYMBOLS, OF COURSE, THAT WE'RE USING DOWN HERE BUT THEY ALL REPRESENT MACROECONOMIC OUTPUT IN THE ECONOMY. WHAT WE WANT TO DO IS DRAW THE FORTY-FIVE DEGREE LINE AND WE'VE CALLED THAT THE TOTAL PRODUCTION CURVE. IT'S BASICALLY THE VALUE OF TOTAL PRODUCTION. IF REAL GDP IS A HUNDRED DOLLARS, WHAT'S THE VALUE OF TOTAL PRODUCTION? WELL, IT'S A HUNDRED DOLLARS. AND SO THE SLOPE OF THIS CURVE IS ONE. OKAY. WE ALSO THEN LAST TIME PUT IN A TOTAL EXPENDITURE CURVE, AND WE START THE CURVE OFF -- AH, MAYBE I'LL EVEN USE A DIFFERENT COLOR HERE. TOTAL EXPENDITURES EQUAL CONSUMPTION PLUS INVESTMENT SPENDING PLUS GOVERNMENT SPENDING -- GOVERNMENT PURCHASES, I SHOULD SAY, PLUS NET EXPORTS. THIS AMOUNT OF SPENDING IS CALLED AUTONOMOUS ...

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