Please provide a summary of these key points Bes of Economics - LyryxLy Cl-Principles-of-Economics-2021 Xextbooks/CURTIS PRIN_COM_2/marketing/Cl-Principles-of-Economics-2021A.pdfng PDF files?Set as default+ ?Page viewA Read aloudAdd textDrawAggregate demand: aggregate expenditure (AE) at different price levels when all other con-ditions are constant.GDP(Y): the national accounts measure of the sum of actual expenditure and income in theeconomy.Aggregate expenditure (AE): planned expenditure by business and households.Induced expenditure: planned expenditure that is determined by current income and changeswhen income changes.Marginal propensity to consume (mpc = c = AC/AY): the change in consumption expendi-ture caused by a change in income.Marginal propensity to import (mpm = m = AIM/AY): the change in imports caused by achange in income.Induced expenditure (cm)Y: planned consumption and imports expenditures that changewhen income changes.Autonomous expenditure (A): planned expenditure that is not determined by current income.Aggregate expenditure (AE): the sum of planned induced and autonomous expenditure inthe economy.Short-run equilibrium output: Aggregate expenditure current output are equal (Y = AE).Unplanned changes in business inventories: indicators of disequilibrium between plannedand actual expenditures - incentives for businesses to adjust levels of employment and outputMultiplier (AY/AA): the ratio of the change in equilibrium income Y to the change in au-tonomous expenditure A that caused it.O3

Macroeconomics is the study of large-scale or general economic factors such as interest rates and…

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Economics

Please provide a summary of these key points

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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