Lecture 3 in a macroeconomics course at Cardiff University. This lecture covers equilibrium output in the goods market. GDP (aggregate output) fluctuations in the short run are determined by changes in demand. We cover the determinants of demand for goods (consumption, investment, government spending, and net exports). The lecture also covers the consumption function, marginal propensity to consume, the effects of changes in autonomous spending, and the multiplier effect. Finally, we show that the condition for equilibrium output can be stated as production equals demand or investment equals saving.
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