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Expansionary fiscal policy is usually financed by increased government borrowing – and selling bonds to the private sector.Keynes advocated expansionary fiscal policy should be used during a recession – w...
A monopoly is a market structure where there is one single dominant firm (opposite to perfect competition). Since they dominate the market they are able to set the price because there are no close substit...
According to Keynesian theory, the aggregate demand of the economy consists of consumption + investment + government spending + net exports (exports less imports). This takes into account all transactions...
This is a phenomenon that occurs when input (labour, raw materials or capital) is added to a production process and yields a less than proportional increase in outputAs an example, we could look at a comp...
Negative externalities are caused either by the consumption or the production of a good or service. The use of cars results in the creation a negative externality of consumption, which is defined as an ex...
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