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1、上海财大ACCA--F1讲义31.1IncomeandexpenditureflowsThereisa‘circularflowofincomeintheeconomy’Thismeansexpenditure,outputandincomewillallhavethesametotalvalueAbasicclosedeconomy:FirmsHouseholds1.2WithdrawalsandinjectionsintothecircularflowofincomeWithdrawals:saving
2、s,taxation,importexpenditureInjections:investment,governmentspending,exportincomeFinancialsector:saving,investmentspendingGovernmentsector:taxation,governmentspendingForeignsector:importdemand,exportdemandChangesinbehaviourofoneofthecomponentsofthecircular
3、flowcanleadtosignificantchangesineconomicperformanceasawhole.2FactorswhichaffecttheeconomyTheeconomyisrarelyinastablestatebecauseofthevariouschangingfactorswhichinfluenceit.Theseincludeinvestmentlevels,themultipliereffect,inflation,savings,confidence,inter
4、estratesandexchangerates.2.1ThemultiplierinthenationaleconomyThemultiplierinvolvestheprocessofcirculationofincomeinthenationaleconomy,wherebyaninjectionofacertainsizeleadstoamuchlargerincreaseinnationalincome.Aninitialincreaseinexpenditurewillhaveasnowball
5、effect,leadingtofurtherandfurtherexpendituresintheeconomy.Theincreaseinnationalincomewillbeamultiplieroftheinitialincreaseinspending,withthesizeofthemultipledependingonfactorssuchaswhatproportionofanynewinvestmentisspentorwhatproportionissaved.2.2Aggregate
6、supplyanddemand2.2.1AggregatedemandThetotaldemandintheeconomyforgoodsandservicesiscalledaggregatedemand.Include:consumption,investment,governmentspendingandexportsminusimports.TheaggregatedemandcurveTheaggregatedemandcurveslopesfromlefttoright.Ashiftmaybed
7、uetoafactorsuchasanincreaseordecreaseinconsumerconfidence.2.2.2AggregatesupplyTheaggregatesupplyreferstotheabilityoftheeconomytoproducegoodsandservices.TheaggregatesupplecurveTheaggregatesupplycurveslopesupwardsfromlefttorightanddoesnotshiftintheshorttermW
8、heretheaggregatedemandcurveintersectswiththeaggregatesupplycurve,thetotaldemandforgoodsandservicesintheeconomyisequaltothetotalsupplyofgoodsandservicesintheeconomy.Thisisknownastheequilibriumlevelofnationalin
