Important econ calculations
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12 Terms
Formula for equilibrium
Savings + Taxes + Imports = Gov spending + Investment + Export
what is Average propensity to consume
proportion of total income that is spent on consumption
Average propensity to consume formula
Consumption divide by income
WHat is Income
Payments for the factors of production that are spent or saved
Income formula
Consumption + savings
what is Average propensity to save
proportion of total income that is not spent, but saved for future production
Average propensity to save
savings divide by income
what is marginal propensity to consume
proportion of extra income that is spent on consumption
marginal propensity to consume formula
change in consumption divide change in income
Marginal propensity to save formula
change in savings divide by change in income
what is Total outlay
a method used to measure elasticity of demand
Total outlay formula
Price multiplied by quantity
Note 
Flashcards (77)