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Learning Objectives
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In this chapter you will learn:
  • How economists combine consumption and investment to depict an aggregate expenditures schedule for a private closed economy.
  • The three characteristics of the equilibrium level of real GDP in a private closed economy: aggregate expenditures = output; saving = investment; and no unplanned changes in inventories.
  • How changes in equilibrium real GDP can occur and how those changes relate to the multiplier.
  • How economists integrate the international sector (exports and imports) and the public sector (government expenditures and taxes) into the aggregate expenditures model.
  • About the nature and causes of "recessionary expenditure gaps" and "inflationary expenditure gaps."





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