Macro Notes 3: Theory of Income and Employment

At the end of this set of notes, you should be able to explain:

1. Aggregate Expenditure
2. Consumption
3. Investment
4. Government Expenditure
5. Net Exports
6. Injections
7. Withdrawals
8. Savings
9. Taxation
10. Import Expenditure
11. Equilibrium National Income
12. Income-expenditure approach
13. Withdrawal-Injection Approach
14. Changes in Equilibrium Level of National Income
15. The Multiplier Effect
16. Effect of a Change in MPC and MPW on Equilibrium National Income
17. Deflationary & Inflationary Gaps

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