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Summary EKN 120: CHAPTER 13 (BASIC MACROECONOMIC RELATIONSHIPS)

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Economics (EKN120)
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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 grasp the fundamental principles that underpin the functioning of entire economies. Whether you're a student preparing for an exam or a curious individual seeking to understand the macroeconomic forces shaping our world, these summary notes offer a clear and accessible guide to this essential branch of economics.

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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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J. van Rensburg, Campbell McConnell, Stanley Brue, Sean Flynn EBOOK: Economics: A Southern African Context, 3e
Publisher: 2021 ISBN: 9781526848734 Edition: Unknown

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