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Summary EKN 120: CHAPTER 13 (BASIC MACROECONOMIC RELATIONSHIPS)
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  • Course
  • Economics (EKN120)
  • Institution
  • University Of Pretoria (UP)
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  • EBOOK: Economics: A Southern African Context, 3e

These macroeconomics summary notes provide a concise and comprehensive overview of key concepts and principles in the field of macroeconomics. Covering topics such as GDP, inflation, unemployment, fiscal policy, and monetary policy, these notes serve as a valuable resource for anyone looking to gra...

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  • Chapters 13
  • September 2, 2023
  • 2
  • 2023/2024
  • Summary

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ECONOMICS 120
SUMMARY



CHAPTER 13: BASIC MACROECONOMIC
RELATIONSHIPS
INCOME-CONSUMPTION AND INCOME-SAVING RELATIONSHIPS AND
SCHEDULES

Savings = S

Disposable Income = Yd

Gross Income = Y

Consumption = C

Yd = C + S

S = Yd - C

C = Yd - S

CONSUMPTION SAVINGS SCHEDULE

Saving function = Yd - C

When C (Consumption) = Yd (Disposable Income), S (Savings) = 0

MARGINAL PROPENSITIES

MARGINAL PROPENSITY TO CONSUME (MPC):

MPC = Change in Consumption ÷ Change in Income

= ∆C ÷ ∆Y

MARGINAL PROPENSITY TO SAVING (MPS):

MPS = Change in Savings ÷ Change in Income

= ∆S ÷ ∆Y

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