Mnning

Tk ?
tum Mocro uovomius applas
Pplas
bho broaad aoneic egali t
g9gah be avHoguu lovvung E e len
Scch ab total mpcmunt Unsnpelymerit, Na
ncem Natinal utput, tolal inustmunt
onsumplitn Jstal Savings ©Agkgal dupply
demand Guskal p i ue ,wlagus luel
ust Ráb und lest &thuucli.
D
mpotaAOR UsE Macn ~LonainL
Jo Lbnclorstamd the hWonkng Ztonan

9n ELonomu pliuy
Sm qnsal Untmpolumert
k n Natimal Snem
I n konnurue oth
In Monttanyphoblem
*9n ucinus Cyc

Understonding ta beviniuh individual

3o

inalalLens

-ala o ompnscle
aggmugalu _as homgtneeus Neuse
Jo Rgato imppntant
loruabl. my not
hAigatu onomicmialtadng
4nicHumino Use ofmacrD
Statistial and orceyztiuad diculty
 LoLaOdNLOAME-

Jhors a numchable
an Lonomy dhuu podutn ad housal
an Eusmemuy activi ik pthoduuULen ilensumplan
xchange
ZXC Qnel dizibuuiien th
enoali Octivis
outiviu
9ncom EepLndilua wi
Centiaousuy amerto
euiow Sedm dhs Kouos
os
elihnt SDr a u - dapendunt
Cinculoe flou incom
aExp!ndlwu eleatnod
uhe pHoLs

Cinla ouo
Iatou n a puobn
A Simpl honomy ca closad ~cenem
clM KOiuhthu No qovtor temal
tnadu or SavmgsA Sinpla aScnr molan
enery based n Somu Assumplen
Thuu aL nls 2 Seders thuZonomy-
thu auL ttu housshald gaator b_fiems
br_phoduw Sele
a Householo aue thu Cnu o t fodots
hoctuelionfiHm by dluss aubise
househeld
3Houssheld Rutveneme by 'Sllne h
acbe Sewu eSpt thui Eatu 1om o

Leas umpluen. i thuu aR No Savings

househotd h au Noinventoiu
20nomyKOejkoui
6Th onon
konomu clossd
govt o ennal Inads on h boai
ovt
the Assumpluen
Eaplavn th nuloabonLom in
Simpl }ineny

S t h Chant, the houstheld t a up

kaclrskuh as land, lakoun , Capital &Cngnni
toimm.and eRim paadut GSppb tha
geodad:Sovices to housthdd thy Suply
ogporls SeouicesKe Onr Seclon i
cdtld Cinle Se
2nloro.h Ouln Cinch Seu
h klo. inhsmaee kade puymii
Sth a Rntga tbist b
houseleld Kectos asa kuwoue oeSraio
houuuhod Spaat thui lncen hygoodu and
SwcApheduud bs ium
Mony Reomnui Ghullan Mses shaio
acte inteML Lohuih. is ovedtid uitn pindl
Thus, PHoducibn a (ontiuoub adnd
atnd

becaushumam haulA ahu Unlinnild hu

wakes tnr tloua Antem Cinculo
Lalu-
n uu cChant We caun
 Naiencl tA poivs Name
obEC we maswmd th o
a. addiry Sonu elal afau adou w at pond
by pound
tt wul i Calld
wll bi auadImen Muthed Pmend
a Lasuud erd,
D
09ggah Spending en out point pomt ,B, it,
t wil Callud Expncliiugoocand
Method Suuvis
AWe 90uasuuc tiha g8ugcr
igooos Saviw pHoduu Vauu
Vall
at po t C byall
hul bL talld pHoducd fuem
n hb Mudil e hau Mllod
Lery oitk Souung
Qbsunud_closed
t uumod 1uad
We CCu Stl alulatua
dnemat
thiaisa inaulan louo dnconu ab e, (,
a
Simpl ELonemui

2u15l2

MICRO ACRO_ PARADO

MiCRo MACRD Da9iadnx means
acdiviliis tact 3 m n hiuthu dhose
atMito
on0e uel but aL basunhil at acro
2LOnomiL lwl

what u hue fan auindividua i et true

oh theLono m as aLohelu

ndivdual Save and nuest>Tntem Intcod

Domy Saves Move ongumptien kxpendiful

aHaaus>Redutr0gptaatu d a unee
d . veatrmart
 ate
Page

NALIGNAL ckououe
Natinal Lneome qtntally difihad as oat

all finaloodl and Soituu produud

(ountry dung
durung a pantiula pentd
inomu rom abhood
|Timt inckuding Net

p NabenaaoniL
rocuct [GD?
n a ss omesue
NetDomesaAe Product NDP

Nailienal prcdnct1GNP
3Bs&
nNE
pNetNatiral Poduct
bpnspnalcomLlt

Pensonal disposakble ntemaP

md Keal Natirnalent
H N n i n a l Nationlntome

ntopita dncem
 ASSM
Date
Page

or NATIONAL LnNcOME
METHODS

Sncom MLhocd
kxpandluhu Mhod
prDelict Mthod-
he laluaaddrdMchod
Recaihons
EmpoeTANLEOFE NATIDNAL DME

Naicnalpelicus
koncu plannuhg9
o r Kisarth
ktancrimodel
Dstrlbuihen oF_Nalienal icoME
 DNIT D9
CLASSICAL AND kEyNESIAN onNDMICS

Th Clatrital heory inLent and Output

tmpelymund
T Closial tonemist bleud in t Sa.
u l l Spelemtntn th tmeny. T6 n.
mptlymunt kocu a ne1maihuation and
auu
mithiny
dyiatien TomLhis rugodd au Smitking abern
Atcordsg b pigou tis trduniy g
enmisyin u o pxovio automatically
hull Smpeimunt in th lakoun
mankt w
demand anel &pply. llew au piat
hu kaa
wnwmolymunt tusult hem tu igidity u
Stuctus and inlurkounte la he horkong ot h
masktslum in ts fovm ef trads tiien
gislaluennuininuum egislation 2le
Iazb
Full Enpymund Suab whin enbdy
hun enedy
Whe at niuny 1at Wngus Wishuu lb"
mpelyuol bheu hho à not_pkepau b oik

sisung ag a i asu net untnmpte bau

ttus a Voluitarily Lnmpolpd hu h
Empolymant ii a Sihalen hui hur s o psakll
Pnvtluntany amprlymunt m hi Suse
te Cusound
plenli au pnaed o horkat
lage nat uy ole_not idkWork
The bai ef He clauital e y u y
euoasy kyy
Jaus narket wkick ava» Caseied fhy pain
tloical tcronistlke mashall pigoc'
d-
and npelnud
the dttminálon tf Dutpe
indiyidual mauket lakou gods
aud
 eah makut involws a ailt in quhbrium enemism
o ensuu the enyelymint in hu Ccenoy

sAssumplhons
hwe h &istantk empelymenk uiheut inlatien.
Thur s0 aisse- auu apitalist lenenny without
qoveunmurtintalun
i s a closud. onpoy wilheut orign ionds
heuàpapet lmpetiion in labouadepwdut
onkut
Labow i Jaemagunietus
o t a l Destpet the eccmrmidkn bitaen
Cnsumplun ao inuestmunt punditius
h e quariily nOnLy is givenand monuy imly lke
niucliumeZhchangus
wasand pricou au puahketly fuelbl
T h plshct infosmalin02 dht pautall nuaskt
porluipan
a diutlyr ulaltd
MDnuy hlagEandHtal aaa
asrol propbruonall
Sauunqaidomatically investd 0Ueqtualihy butioUn
th zecoB brought about by a
fintesast
Capital kotk amd tulical knaeladg ais givun
poduulen
dininsking Hdwu Dpesals m
Th Louo
aAsumLs leng umn
oluhtpalaaten
and tu
ivem dus _assumplianu i n thu cdauial huey
a m d molymunt
Output and amd mouu marki in e .
goods
QCTOSS in Jaboun
conmy
Saye. DE A MaRkET

kumu huy o npelynert prineipls ot

demand
In a Copltalist kcenenuy he ual f n
c domand: Unempplyrnend ultr0m
ad t
dukeiny eciu dimand
lan he raistd y increasuig u leul y eil na
sh n Orolinaty polas_dnanol nu
did it_buemu tiluu khn imeme.A
buyuna lmumes gocls_an invstoments g0ods
Keynis ls m lu denand. to you d
Tetal diand kor goodt avd kuis: a Vaniou
lard nyelymtnl
-hLLsLnth diuwntuu 941c9eh dral
but hwu lan ea led npelyrrunt hheu
9gatz dummnd hual gregab upply
hes an Hat polnt pectiu dmar
9n 'kayms oods e Valuu
104gHLgat_denandah poznt ea4giak
CmeuMe uncuen We.IE a IntenacJo
b bi o44taatr &nply kunean usb Unit
Ectiu demond deu u
hu luul qmpelymunt
auondinga
actordingto kejns
dutunins by agar at dumand prite
 991egatt demand pr
ggrgah demandprte
2
Outputo y given amount2 Empolymnd
otal Sena ofnaony
pedd re
a proteds ia_~epedd
m

Dstputhtradud by h numbs of
ohichei spelid
h enimp2liy£o
heul of Epolypaant N Leueleag2rgah ceard pr
25 I50

30
35

gasgak Supply price u u ko k prosasels.neusanH

hom- sale of octat dt pantiulas lulep
polypmuakdoes each luel enpolpmunt a he
tonsmy h aniletid bo prtiulas a4gxeqalkaBygply
r i anl.dheg aditfu agg1tjat Spnly_pai ae

Aggugalu kpplemest Sehadule

Lul p mpeleymnt (). Agaeab &pply pricelz)
25
30 355
35

286
300
tenminalien Eeluu Dimand

Thakut mpdynent sdettmind

point ohrds the aggnagadt damanodua
vts herds
9gtegale Sunly priceIn
pount kWU thintrer tneust
-eu
aual what hem mest huceive and hu p
a maxinis thprfit ltalld Hehug
and huact hntepyeneu a oY nal pr
Song_as aggrcgah demed prica s ki
un Senly pric the prhlt gillg ad
t 9rialir e n when Workn a u piovd
mppmunt bu procd pechd à preft tu
nuore han prfil esany his proes s_Lol lar
thudetrmuilán eeckue derauedqud u
4 g a akyrjly hruce point dumand
demgd
u peint dtsnúned h a l t tmpztynud
butundu npelnest ailtoriugn't i
ntrepyenu provide uoYnlynen afu
poind e ag91gk knply kein paind
0991tgat diand pce indicalug tat etal
t au_kighaan Jhu t naenie
les Bo thu ntryprtnu nnt etk pduy
Korku hthind e poink echuz doanoM A_

uae nalien o no nugaso_n ypeymunt a

Dutpu is_psstek bhind huleuel slb apeym

mpentant Op kHtelue Demand

Detuminant Empaymeut

Aputation ag Cut
.
Re f investent
Thandox
LonSUMER FUNLTtDN
heCenaumpln unclern an
impoctant lh lnsumi iehsonueA
nsumpl tulalioasdip belwren00 z220lt
het zoloul laraumplian _ano grosi ihional tncorne
Aslumalitally thu tulalunhp ephtstnlisa1, ap-la
dees lhu insunsplen_inclialz a urcien elaken
btun Cey huu Cis tke olunendent and Yi uolpen
dunt lauial hat Cu dutzsminad y y dhi
elatie uhip basud o
beirq Equal) assumplien_buh a
pn nuwme ntumphon
ulalieashipis lensio anol_possilu plednusCll
Ccnkumphen au hild Canslant

Avernganopenia tn an umue A
7he avEsaGL.p70pnku4
lensum_ lhe nako ch
acamÍo a ginn_ talodankuplinaptndilau
t dfound out bs.
to.
dividuog ensumplien eplrdluu dy incen
Ape7Y
Manginal hoptnsily_to lonkuns MP)
dhu nalue of chang uh moy detus as
hLems QveHAL preo msL
lonsuunplien docharge
clange in
Qsinwme
Dund OuE by livialingchagia lhangut: Can ke

oythange Ln inuonL eRMpc rkuaaiLer

/4y
h &uhjcluiu tarket is h (ruunnplien dunclen
mcividual MotivCA
Ths a 8uoüveslich lads
Spending Out e tihui intenna incbdun uhahem
Ty dtidt build vut
Theydui hprevids orluigald neele
old a rKk
T daids, do Suoya gmdually, apind
The dids th eyoy_ouel prove. b do hrg
Tha derida to ust. thick dmanotut o
G
Spectulor Quel huiutu_and prot
Thy drid bWid. a etont
Ta decis o _Salily a ptu muhs
BusinAs Moiut it
k nd. fon moue for acumulalien n
ntpnice thy duride o big hings and &
iquidity hay dtids do ment Enhgiuu_aud di
Suaskuli
Sncrm'lo duidls to_Suse lorio inteng
ho uaikl lanagLuund
inontinl pinchase y oleicd:_povd d
odaquatt_goinst dupretialien_cuno coolonte to
ditberng
bjeclu Factov
changes in the kiagt lucl
Wut 1gaun or lote
Changg inh fecas poliey
thaus pectotion
Chang es in the at efinttest
inaea_peliuis fCerperatien
Holdungg lzud ase
attitud teuand nuiuo
Huebiy ypetausss
 NVESTME NT

Miun patanel
te bu Slaie,
In rclincay n }lok
suuilsalie aluady. Eeuk
Stocks ad bCausLt es
manket but not caal inyutmunt
thus
iulled fnaurial
Smply a danshe zishmgKenu dlia s
nveslnend hud doe nal Hel 2917gci penelueg.
inveourd ?uehess 9ual
m a
hynes thminoloqy
To
inveatnund whuckadds e opital puepmud Lnpls
increa in thu luwl z intom,proaluluon audl puwubas o
apital goodsInvestment thus inudesdike naaplant am
jaublii undh dams, 20ads,
uipmunt lnsuulien
uildungs N orugn invudntut inveatoriu and
nuo Lompanuie.IEOthu
gdoR
or
kbans to
ar addiien to
kobinsen by invilmmb _miaut
Buk_as Qcuues l a e n a nud hau u
apital
fato bult.Gwmeat uans
built ox a nu
makiuga addilen t the Stock o goads in aslnte

lupes

Jncluceel nvzslunmut
utonomas nuvalmunt
uvat Jnvslnent
Publi Snucsluuea
(ress and Netinvestnua
Sntevdd vno 2Unstundldinveslmat
 Th
Varngtnal fiuln
in a nuw Capital oss
TdeusLo
dperds on uhill 4
opecd rat ttulont n the neuo invstu.
Squal or g1ealh Or ys han he nai o ntuu
nlaut
h e pai Cn tte uros wedeo to puhcba
ase it only ihunThe epletid at
sMighes lhn he unlLst nati tha tvaln
willbe Madi in acquinung_nad aMl
t au
n ntality ttek aui 3 Jaelotl thet au ab
into Censidwatin uihih meksno invilmit deuin
the ast of Gpital Q1Acti the apscid rak
hom it dusung it liptinue and hu matkd rah
interstkuh Leni o t knaas dn kis lereot
dhe Maegim ERitncy Capital MECs ei
nat entem" pltdrom an_addlliznauY
a Capital Qssuti vu Costa
kems rlales kts prepeius kildelea
Capitalasd o it 'snply prite and delines the Heca
Saual to the nati ef_diuceurt tohtk uzuld naku
DiLAL Valu eh8ric awot i giuny
rilumspitdHom u lapital _asse duing i
istjist lual to it Syply pi ypmbibially
laapsLd_S
Lei (41) 14
10hEspis atupnls pria lestLest of Galtal au,
RLRaKn au piospeduu kilds or he a
ixpilud anuual uti om tti apital 2us u
Hiavd i a mai_of isteunt whick. maku lu
Capitak asMt Skactiuyaual n Hs prusent Jau
putd ild ron_it huu it i bka ME
atidatont ikil euak ton S
ualuen
 Mulkipayan Tory
h Cnuyt emulliplayes uety
dulepu by R.t o n het aih e rulaken
tnu Invaknust to unuwypeymund l h 2unemu geuiod
gune 1231 kons nuulkiplaych AAs nypelyrerd ulliplayen
Rn ek ba îodsa om kotn anal fpimulatd
nvlmunt nulliplays "kiyrs onsldua
uwltiplay 4am utegtall pot
hu lhucty
mucliiplayus lccording to kuuyna oluhuiy
th ef rp
eslablishu o priind
nulalenskip guen hu
propestk to lansumu l cgg1egaj
Emyaynunt and mLenu aud ual of nvestmat
s hatWlu lu i oun intímunt /in
tll s hat_wwn vestmtnt u
is an mCou'nud ef investlmind
incom Wl inyeak ky_n amount llhich 1s
H inrinmen of invlmunt ing Ak
h hOords Ay-kai
e Hanse kun invstoui uelliply
is a okAunt ulaisg do an nrinet O
o
m incinmut _of inenau ie k- Ay invatmund t
ohu y
u mLGni
diu multiplayu uy ls Mvumnd
n t s Aku ultiplauyu to-4iuink bouth nulpa
i ulhiplud
o ohtasin a hual mcyass ntemt thu valu C
ltiplay s_daemlned by te MPL u ghu hi
MP he igku du_ Vauu thi multiplau an
Th ulalhens hpo tu multiplayu aud MPl u
Ay. Ac+ 4tor Ay '=[Ay t4T Ac=cuy)
y-A y 41
4yl-)- A

i9n
-
u C ttuMPc u ultiplauu I a by daralue fael
e L the multiplayk lam dbo deadt G t :
HaiProlalt M NC
Wonkig oA Multiplaye
T
muliplayon
nd bmkuond.Tu mullijny tDka
o

ACaulalut het P Cbarg n, investne

FoRoARD WDRKIG
An K0tkng fn invtstmend
nte inertast in piboluclion0kick_Craah
ConLmptuen upin
diue is pyos
guraa
daototlkg s tllno
MUL fub
ntemL& kpncliluL Cbrescb_us
a
lagsus atonuius pOÇOA Sialue am
Stalie
oYk a eplduned y Luynas
BACROARD_UpERATION
nvestmunt duwreauL nud
Ttsun kaiidtiplayu Openais a
uduien_in Cstmunl- bao to
lumalaunadictiai n iheve s 0 nullipl
e ha itial distas i investnunt

PeuopLE F HCELERA/0
sapn accoluralin
pxiniuplas its oa st Imtxoduud t
eicneratby clak inatait oal kubh
duleped ay uks, Lamlusom ol hasnai i
ulalien to hr s Cye Tk phuinuiph , cdygn
atahaaien & bad en the fot itet the
olap pods is_douicud pem dimwr
(mLu getds phih ta pynuu kalps eprod
h Cutlralien prinipl" aplaiu hu pro
aktand
 or onsumpie dgzd laols o_aiataasc
Vdueriau i invesment n Capital d
glcordn ho kuy hanaih acceluchen
tn tkhluint in a
ra
aindial Chargc in Conaumpuonndueduvstnen
aud
AT
Ac
ohn v auculaakn o {itnsd Spenclihuaesnkelally
chana in Ceniuumpien 2pendliiuu .
n
onsumpLn ~aptualiliut 2 Ioourshlaadincoreask
t .a n
inniakin investmenk o30(reLe
Corllitunt 3Tbe 4aceduolon
autelualenpinupl_la he

Ahesedet is gs&
Y Y+R
invstmd n pesio ol tv
h acculualn Ye
e-1 a Naluenal Otpnáuevat
u
Otput n putod t,
4-)and R tiu prwtous petiod
a uplacumint ineatmn
Ths qaluen ll dhat
Dmiodt dipurds m zhu thaug grose
ped
invstnevt duing
puundt-o tuultiplid buinaceualän
Dutpuk (y) om
y+
n
9plaLentlavestuut_
R i_Ordu o asive t
inveslmLat CTn R must hi duouclid bot
Sidu qualuen o hat be ned investunt
at peied t u Tnt
v Y-Y+)

ssunLphen
mst art aptal rHput tafi
Oatput a t

Rsounus_u easilsacilalu in onomy

hu o xcess or idlu
inLeas dmcuo_in_pivanenl
heir a llasti sepphyef'capitsl and buadt
n n inucus in Outpd adsoa uil in nit
nVstmcut.
 not
Cornst
ant
lortant
alil
Output
Capit nd
ResouL not laste
n plan Capital aano ual tapull She
u a l aplal
Sl Capatihy
bloAquioud
i invs
inveslunk
Tnunk
Deoente
linirg
cdes
dees net eplan
C o u s l d e s _ a v a i l a b t t t
ad tost_ a
Net
CDees
goods gaipmunt.
insteultd
lccelatuen e kt0m p o r a y . dmanal
Does et oe

lastic
Supply e Grudit 01 intoval gend
prejts as
a lecau eintval
Nlahs eEpectäliens
Alegots "E nol tthnelegical_foctou
N s Jke mel,e polnl
polnt
ouwes lusnun
faili toaplain
Net prosciu adSalishadlbiy
 MONE TARY kcoNOMICS

Fishn'squcnily
appvoac
Thuoryof mcany lash tannsalon
he
quanils cory ejonayaks dhet
he Meny eme the man_dilunuinant
hfLeJuel en the nal mOiy, gh tang.
tha Monag prclus atly yreporionak
thang anbLpri Luel ia h eros Irvia
i p-thes higs emaunr9 unchargud
2neny n lnuualien nroassi_puu uel
Is aloinchoasu Jdn daeck praporlenad lk lelu e
wanLg detktd decrlas and Vu YosSHAa
A euCnyisdeublid _prct lasl soill ako
docbled iuVaku of uone 1ol ki_Bnhaf
tthetlu had ha, ky emonay tuducid
hay_ths_pru loutl_poill alo be
tudued by
ynd
n ha ki dhsy dn
Eishtshas plained
ualien 2zehaae. PT:MYtM
T v a e f hi g0ods
kuel, T: vtal enaunt
hWh P_price M= Thu
kunviusxharged_e
menay
aae hony, Y ThuNloul
tatal btyg a l terdu etal at e/krudet
_Cincalaten fM, M: tiu / M
ineudas
V: Velouk
MDne
 Ttisms
Twuism
Ohu u ou mot qual
Cmstant d ulacth 4o olitkuud Jumu
Fnuls n measuL al OF uona

keee Thuery
Negbut intwunet nate
Unnkste assuumpluen
V not na tant kunclien
Nealeb Atbre o yalus
Nat rual alant kect
8tic
The amkauidg asd balanc opproat

s h altrnatuue suns buoi

wnonay dia lambridg endizt MaBholt,
pgo Rebausen aMd Kupns kotunudaud
OCash baluru approoe
MAone n m diaynd upny
Rebrten krotun s lanuienLOruA
tums edumand &opnly. Kobutsen one
n hs oanecluo merny id
Bny n Tha
manyLeneit ings Sty Valu huel
pthiorily ditumind buouny othu fwo
hings amilsh lonelutiem oduusaund
 Morshal kqualm
Manshel! diel net put hi thuoty
hii thioty
n eualen enm anol t a s for 1 hus pllowus
looplaun d. algebnitaly S hos oplal
maishal Vicuos huns a a lisut ppsomalun
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SiMpLE pRICE JNDEJ

Piu nulalue
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Lommdu Ku 195
A
B 5 &o0
30
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N-S
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Po
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pritt
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25 50
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5
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95
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810
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= 80-1D