Textbook Notes (368,125)
Canada (161,663)
Economics (818)
ECON 2410 (18)
Chapter 3

Chapter 3- The Goods Market.pdf

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ECON 2410
Laurent Cellarier

Chapter 3- The Goods Market January 15, 2014 2:26 PM Definitions/Equations Net Exports- the difference between exports and imports, also called trade balance Trade Surplus- a positive trade balance, that is exports exceed imports Trade Deficit- a negative trade balance, that is imports exceed exports Inventory Investment- the difference between production and sales Total Demand- see equation below Disposable Income- the income that remains once consumers have received transfers from the government and paid their taxes. Denoted Consumption Function- a function that relates consumption to its determinants. Behavioral Equation- an equation that captures some aspect of behavior Parameters- a coefficient in a behavioral equation Propensity To Consume- the effect of an additional dollar of disposable income on consumption. Denoted Endogenous- a variable that depends on other variable in a model and is thus explained within the model Fiscal Policy- the choice of taxes and spending by the government Equilibrium Condition-
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