Summer 2016
Colin Knapp
ECON 104
Chapter Ten FullEmploymentGDP:thevalueoftotaloutput(realGDP)producedat fullemployment Tuesday, March8, 2016 9:05 PM Leakage:incomenotspentdirectlyondomesticoutputbutinsteaddivertedfromthecircularflow,for example,saving,imports,andtaxes Macro Page 1 Macro Page 2 - Importsalsorepresentleakagefromthecircularflow - Taxesare aformof leakageaswell Macro Page 3 Gross BusinessSavings:Depreciationallowances