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23 Aggregate demand

1. Consumption . It is determined by disposable income, which is personal income less taxes. Other factors affecting consumption are long-term trends in income, household wealth, and the aggregate price level. Aggregate demand analysis focuses on the determinants of real consumption (that is, nominal or dollar consumption divided by the price index for consumption.)

2. Investment. Investment spending includes purchases of structures and equipment and accumulation of inventories. The major determinants of investment are the level of output, the cost of capital (as determined by tax policies along with interest rates and other financial conditions), and expectations about the future. The major channel by which economic policy can affect investment is through monetary policy.

3. Government spending . A third component of aggregate demand is government spending on goods and services: purchases of goods like tanks or road-building equipment as well as the services of judges and public-school teachers. Unlike consumption and investment, this component of aggregate demand is determined directly by the government’s spending decisions.

4. Net exports. A final component of aggregate demand is net export, which equals the value of exports minus value of imports. Imports are determined by domestic income and output, by the ratio of domestic to foreign prices, and by the foreign exchange rate of the dollar. Exports (which are imports of other countries) are the mirror image of imports, determined by foreign incomes and outputs, by relative prices, and by foreign exchange rates. Net exports, then, will be determined by domestic and foreign incomes, relative prices, and exchange rates.

Vocabulary

aggregate quantity – сукупна кількість

long-term trend – довготермінова тенденція

determinant – вирішальний фактор, показник

accumulation of inventories – накопичення майна

along with – разом з

road - building equipment – обладнання для будівництва доріг

net export – чистий експорт

domestic income – внутрішній доход

ratio – відношення

the mirror image – дзеркальне відображення.

І. Complete the sentences using the text:

1. Aggregate demand is … .

2. Aggregate demand has … components.

3. Consumption is determined by … .

4. Aggregate demand analysis focuses on … .

5. Investment spending includes … .

6. Government spending is determined … .

7. Net export equals … .

8. Imports are determined by … .

9. Exports are determined by … .

II. Answer these questions, basing your answers on the text:

1. What is aggregate demand?

2. What components has aggregate demand?

3. What is consumption determined by?

4. What does aggregate demand analysis focus on?

5. What purchases does investment spending include?

6. What are the major determinants of investment?

7. Unlike consumption and investment, government spending is determined directly by the government’s spending decisions, isn’t it?

8. What is net exports?

9. What are imports determined by?

III. Say whether these statements are true or false and if they are false, say why.

1. Aggregate demand is the desired spending in all product sectors.

2. Aggregate demand has the following components: consumption, distribution, investment, and government spending.

3. Consumption is determined by disposable income, which is personal income less taxes.

4. Aggregate demand analysis focuses on the determinants of real consumption.

5. Investment spending equals the value of exports minus the value of imports.

6. The major determinants of investment are the level of output, the cost of capital and expectations about the future.

7. A third component of aggregate demand is government spending on goods and services.

8. Aggregate demand is determined directly by the government's spending decisions.

9. Exports are the mirror image of imports.

10. Net exports will be determined by domestic and foreign income, relative prices and exchange rates.

Книга: Англійська для економістів - Гаращенко

ЗМІСТ

1.	Англійська для економістів - Гаращенко
2.	1. Evolution of Economic Systems, 2 Capitalism, 3 Economic factors in national development, 4 Independence of national economics, 5 Social control of modern industry
3.	2 Capitalism
4.	3 Economic factors in national development
5.	4 Independence of national economics
6.	5 Social control of modern industry
7.	6 Public revenue in Canada, 7 The national debt, 8 National income and distribution, 9 Taxes, 10 The enigma of production in the modern world
8.	7 The national debt
9.	8 National income and distribution
10.	9 Taxes
11.	10 The enigma of production in the modern world
12.	11 Market, 12 Monopolies, 13 Elasticity of supply and demand, 14 Utility, 15 Price
13.	12 Monopolies
14.	13 Elasticity of supply and demand
15.	14 Utility
16.	15 Price
17.	16 Labour and capital, 17 Money, 18 Banks, 19 Aggregate supply, 20 Aggregate supply
18.	17 Money
19.	18 Banks
20.	19 Aggregate supply
21.	20 Aggregate supply
22.	21 GNP, 22 Aggregate demand, 23 Aggregate demand, 24 Inflation, 25 Economic growth
23.	22 Aggregate demand
24.	23 Aggregate demand
25.	24 Inflation
26.	25 Economic growth
27.	26 Economic growth, 27 Economic growth, 28 Unemployment, 29 Unemployment, 30 Unemployed and employed
28.	27 Economic growth
29.	28 Unemployment
30.	29 Unemployment
31.	30 Unemployed and employed

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