Aggregate Expenditure: Investment, Government Spending, and Net Exports (2022)

You just read about the consumption function, but consumption is only one component of aggregate expenditure:

Aggregate Expenditure =C+I+G+(X–M).

Now let’s turn our attention to the other components in order to build a function for the total aggregate expenditures.

Aggregate Expenditure:Investment as a Function of National Income

Just as a consumption function shows the relationship between real GDP (or national income)andconsumption levels, the investment function shows the relationship between real GDP andinvestment levels.When businesses make decisions about whether to build a new factory or to place an order for new computer equipment, their decisionis forward-looking, based on expected rates of return, and the interest rateat which they can borrow for the investment expenditure. Investment decisions donotdepend primarily on the level of GDP in the current year. Thus, the investment function can be drawn as a horizontal line, at a fixed level of expenditure. The slope of the investment function is zero, indicating no relationship between GDP and investment.Figure 1 shows an investment function where the level of investment is, for the sake of concreteness, set at the specific level of 500.

Aggregate Expenditure: Investment, Government Spending, and Net Exports (1)

Figure 1.The Investment Function. The investment function is drawn as a horizontal line because investment is based on interest rates and expectations about the future, and so it does not change with the level of current national income. In this example, investment expenditures are at a level of 500. However, changes in factors like technological opportunities, expectations about near-term economic growth, and interest rates would all cause the investment function to shift up or down.

(Video) The aggregate expenditure function

The appearance of the investment function as a horizontal line does not mean that the level of investment never changes. It means only that in the context of this two-dimensional diagram, the level of investment on the vertical aggregate expenditure axis does not vary with changes in the current level of GDP on the horizontal axis. However, all the other factors that influence investment—new technological opportunities, expectations about near-term economic growth, interest rates, the price of key inputs, and tax incentives for investment—can cause the horizontal investment function to shift up or down.

Aggregate Expenditure:Government Spending and Taxes as a Function of National Income

Federal, state and local governments determine the level of government spending through the budget process. In the Keynesian cross diagram, government spending appears as a horizontal line, as in Figure 2, where government spending is set at a level of 1,300 regardless of the level of GDP. As in the case of investment spending, this horizontal line does not mean that government spending is unchanging, only that it is independent of GDP.

Aggregate Expenditure: Investment, Government Spending, and Net Exports (2)

Figure 2.The Government Spending Function. The level of government spending is determined by political factors, not by the level of real GDP in a given year. Thus, government spending is drawn as a horizontal line. In this example, government spending is at a level of 1,300. Congressional decisions to increase government spending will cause this horizontal line to shift up, while decisions to reduce spending would cause it to shift down.

The situation of taxes is different because taxes typically rise or fall with the volume of economic activity. For example, income taxes are based on the level of income earned and sales taxes are based on the amount of sales made, and both income and sales tend to be higher when the economy is growing and lower when the economy is in a recession. For the purposes of constructing the basic Keynesian cross diagram, tax revenues can be viewed as the product of the average tax rate (economy-wide) times the national income (or GDP). In the United States, for example, taking federal, state, and local taxes together, government typically collects about 30–35% of national income as taxes.

Table 2revises the earlier table on the consumption function so that it takes taxes into account. The first column shows national income. The second column calculates taxes, which in this example are set at a rate of 30%, or 0.3. The third column shows after-tax income; that is, total income minus taxes. The fourth column then calculates consumption in the same manner as before: multiply after-tax income by 0.8, representing the marginal propensity to consume, and then add $600, for the amount that would be consumed even if income was zero. When taxes are included, the marginal propensity to consume is reduced by the amount of the tax rate, so each additional dollar of income results in a smaller increase in consumption than before taxes. For this reason, the consumption function, with taxes included, is flatter than the consumption function without taxes, as Figure 3 shows.

(Video) Expenditure Approach - Government Spending and Net Exports

Aggregate Expenditure: Investment, Government Spending, and Net Exports (3)

Figure 3. The Consumption FunctionBefore and After Taxes. The upper line repeats the consumption function from previously. The lower line shows the consumption function if taxes must first be paid on income, and then consumption is based on after-tax income.

Table 2. The Consumption Function Before and After Taxes
IncomeTaxesAfter-Tax IncomeConsumptionSavings
$0$0$0$600–$600
$1,000$300$700$1,160–$460
$2,000$600$1,400$1,720–$320
$3,000$900$2,100$2,280–$180
$4,000$1,200$2,800$2,840–$40
$5,000$1,500$3,500$3,400$100
$6,000$1,800$4,200$3,960$240
$7,000$2,100$4,900$4,520$380
$8,000$2,400$5,600$5,080$520
$9,000$2,700$6,300$5,640$660

Aggregate Expenditure:Net Exports as a Function of National Income

Aggregate Expenditure means spending on domestically produced goods and services. There are two additional things we need to consider: exports and imports. This is especially true in the increasingly global world of the 21st Century. Exports are purchases by foreigners of domestically produced goods and services, which means exports contribute to aggregate expenditure. Imports are purchases of foreign goods and services by domestic residents, which means that spending on imports takes away from spending on domestic goods and services. Let’s consider how imports and exports can be graphed as a function of national income (or real GDP).

The demand for imported goods and services is a subset of the demand for goods and services generally. We’ve established that consumption expenditure increases with national income; thus in a macroeconomic context, the same thing is true of imports—the purchase of imports increases with national income. The demand by foreigners for our exports depends on their national income, but it is independent of our domestic national income. We can draw these two relationships as the export and import functions, shown below in Figures 4a and 4b.

The export function, which shows how exports change with the level of a country’s own real GDP, is drawn as a horizontal line, as in the example in Figure 4(a) where exports are drawn at a level of $840. Again, as in the case of investment spending and government spending, drawing the export function as horizontal does not imply that exports never change. It just means that they do not change because of what is on the horizontal axis—that is, a country’s national income (or GDP)—and instead are shaped by the level of aggregate demand in other countries. More demand for exports from other countries would cause the export function to shift up; less demand for exports from other countries would cause it to shift down.

(Video) Gross Domestic Product (4): Government Spending and Net Exports

Aggregate Expenditure: Investment, Government Spending, and Net Exports (4)

Figure 4. The Export and Import Functions. (a) The export function is drawn as a horizontal line because exports are determined by the buying power of other countries and thus do not change with the size of the domestic economy. In this example, exports are set at 840. However, exports can shift up or down, depending on buying patterns in other countries. (b) The import function is drawn as an upward-sloping line because expenditures on imported products increase with income. In this example, the marginal propensity to import is 0.1, so imports are calculated by multiplying the level of income by +0.1.

The import function, as explained above, is an upward-sloping line, showing that as national income rises so do import expenditures. The slope is given by the marginal propensity to import (MPI), which is the percentage change in spending on imports when national income changes.

In Figure 4(b), the marginal propensity to import is 0.1. Thus, if real GDP is $5,000, imports are $500; if real GDP is $6,000, imports are $600, and so on. A change in the marginal propensity to import, perhaps as a result of changes in preferences, would alter the slope of the import function.

Let’s put these ideas together. The balance of international trade in a country is called Net Exports in this model. Net Exports is defined as the value of a country’s exports minus the value of its imports. Thus, a trade surplus means a country’s exports are greater than its imports and a trade deficit means the country’s imports are greater than its exports. A trade surplus is a net addition to a country’s aggregate expenditure and a trade deficit is a net subtraction.

When imports are subtracted from exports, we get a downward-sloping line with a slope equal to -MPI. In other words, the higher the national income, the more imports a country purchases and the less it spends on domestic goods and services. Thus, net exports decrease with national income (or real GDP).

(Video) Aggregate Expenditure Model Part 2 Taking Net Exports and Government Purchases Macroeconomics

Putting It Together: The Aggregate Expenditure Function

The final step in the deriving theaggregate expenditure function, which shows the total expenditures in the economy for each level of real GDP, is to sum the parts, which is shown in Table 3.

Table 3. The Aggregate Expenditure Function
Real GDPConsumption (C)Investment (I)Government Spending (G)Exports (X)Imports (M)Net Exports (X-M)Aggregate Expenditure (AE)
$0$600$500$1,300$840$0$840$3,240
$1,000$1,160$500$1,300$840$100$740$3,700
$2,000$1,720$500$1,300$840$200$640$4,160
$3,000$2,280$500$1,300$840$300$540$4,620
$4,000$2,840$500$1,300$840$400$440$5,080
$5,000$3,400$500$1,300$840$500$340$5,540
$6,000$3,960$500$1,300$840$600$240$6,000
$7,000$4,520$500$1,300$840$700$140$6,460
$8,000$5,080$500$1,300$840$800$40$6,920
$9,000$5,640$500$1,300$840$900-$60$7,380

Each of the columns in Table 3 comes from the previous tables and figures. For example the second column, consumption, comes from Table 2, and the seventh column, net exports, is computed from the numbers in Figure 4. Taking national income (or Real GDP) from column 1 and aggregate expenditure from column 6, we can graph the aggregate expenditure function.

Graphically,the aggregate expenditure function is formed by adding together (orstacking on top of each other) the consumption function (after taxes), the investment function, the government spending function, and the netexport function. In its most basic form, the graph of aggregate expenditures looks like the graph shown in Figure 5.

Aggregate Expenditure: Investment, Government Spending, and Net Exports (5)

Figure 5.Graphing Aggregate Expenditure. The aggregate expenditure is the vertical sum of C + I + G + (X-M).

The actual graph for the aggregate expenditure data in Table 3 is slightly more complicated, due to the effect of imports, as shown in Figure 6. Let’s think carefully about how this works. Investment spending and government spending are fixed amounts; thus, adding the investment and government spending functions shifts the aggregate expenditure line up, parallel to the consumption function. Export expenditures are also a fixed amount, but import expenditures are not. Imports are a negative function of national income, so the net export function is downward sloping with a slope equal to the marginal propensity to import. As a result, when we add net exports to aggregate expenditure, the AE curve becomes flatter. You can see this by comparing the orange line (C + I + G) with the blue line (C + I + G + (X-M) = AE).

Aggregate Expenditure: Investment, Government Spending, and Net Exports (6)

Figure 6.TheAggregate Expenditure Curve. The aggregate expenditure is the vertical sum of C + I + G + (X-M).Adding I,G and X shifts the function upward. Adding (X-M) raises and flattens the curve.

(Video) Chapter 11•The Aggregate Expenditures Model•Julie Russell
In sum, the vertical intercept of the aggregate expenditure function, that is, the point at which the aggregate expenditure function intersects the vertical axis is autonomous expenditure, i.e. all the components of aggregate expenditure (e.g. autonomous consumption, investment, government, and export expenditures)—which do not vary with national income. The upward slope of the aggregate expenditure function will be determined by the marginal propensity to consume, the tax rate, and the marginal propensity to import. A lower marginal propensity to consume, a higher tax rate, and a higher marginal propensity to import will all make the slope of the aggregate expenditure function flatter—because out of any extra income, more is going to savings or taxes or imports and less to spending on domestic goods and services.

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FAQs

How do net exports affect the aggregate expenditure? ›

Net exports (exports minus imports) affect aggregate expenditures in an open economy. Exports expand and imports contract aggregate spending on domestic output. Exports (X) create domestic production, income, and employment due to foreign spending on U.S. produced goods and services.

How does government spending affect net exports? ›

When government spending decreases, regardless of tax policy, aggregate demand decrease, thus shifting to the left. The fourth term that will lead to a shift in the aggregate demand curve is NX(e). This term means that net exports, defined as exports less imports, is a function of the real exchange rate.

What determines consumption investment government spending and net exports? ›

Key points. Aggregate demand is the sum of four components: consumption, investment, government spending, and net exports. Consumption can change for a number of reasons, including movements in income, taxes, expectations about future income, and changes in wealth levels.

What are the 4 aggregate expenditures? ›

The four components of aggregate expenditure are total household consumption within an economy (C), total capital investment within an economy (I), total government spending (G), and net exports, which is equal to total exports minus total imports.

What increases aggregate expenditure? ›

A rise in expenditure by either Consumption, Investment or the Government or an increase in exports or a decrease in imports leads to a rise in the aggregate expenditure and thus pushes the economy towards a higher equilibrium and thus reaching a higher level towards the potential GDP.

What decreases aggregate expenditure? ›

Aggregate expenditures will vary with the price level because of the wealth effect, the interest rate effect, and the international trade effect. The higher the price level, the lower the aggregate expenditures curve and the lower the equilibrium level of real GDP.

How does an increase in government spending affect the aggregate expenditure line? ›

How does an increase in government spending affect the aggregate expenditure line? It shifts the aggregate expenditure line upward.

What happens when government spending increases? ›

According to Keynesian economics, increased government spending raises aggregate demand and increases consumption, which leads to increased production and faster recovery from recessions.

What causes a shift in aggregate expenditure? ›

Compared to the simplified aggregate expenditures model, the aggregate expenditures curve shifts up by the amount of government purchases and net exports.An even more realistic view of the economy might assume that imports are induced, since as a country's real GDP rises it will buy more goods and services, some of ...

How do you calculate aggregate expenditure? ›

Aggregate expenditure is the current value of all the finished goods and services in the economy. The equation for aggregate expenditure is: AE=C+I+G+NX. The aggregate expenditure equals the sum of the household consumption (C), investments (I), government spending (G), and net exports (NX).

What does aggregate expenditure measure? ›

Aggregate expenditure is a macroeconomic tool used to measure and evaluate the total amount of economic activity or total output within a country. Similarly to gross domestic product (GDP) and national income, aggregate expenditure evaluates the total spending of a country at a given time.

What are the four main components of aggregate demand which is the largest which is the smallest? ›

They are consumption, investment, government spending and net exports (exports minus imports).

Is aggregate expenditure the same as GDP? ›

The aggregate expenditure is one of the methods that is used to calculate the total sum of all the economic activities in an economy, also known as the gross domestic product (GDP).

Which one of the following is not a component of aggregate expenditure? ›

Both net exports and government expenditure are not the components of aggregate demand in a two sector economy.

What are the components of aggregate expenditure quizlet? ›

What are the four components of aggregate expenditure? Consumption, planned investment, government purchases, and net exports.

What causes aggregate expenditure to fall? ›

Higher inflation will eventually cause aggregate expenditures to decrease, because higher prices reduces the wealth of consumers, thus leading to lower spending. This is particularly true for poorer consumers, since they tend to spend all the money that they have, to pay for essentials.

Which is the largest component of aggregate expenditure? ›

Consumption Spending (C)

Consumption spending (C) is the largest component of an economy's aggregate demand, and it refers to the total spending of individuals and households on goods and services in the economy.

How does investment affect aggregate demand? ›

A reduction in investment would shift the aggregate demand curve to the left by an amount equal to the multiplier times the change in investment. The relationship between investment and interest rates is one key to the effectiveness of monetary policy to the economy.

How does government spending affect aggregate demand? ›

Increased government spending is likely to cause a rise in aggregate demand (AD). This can lead to higher growth in the short-term. It can also potentially lead to inflation.

How does government expenditure affect GDP? ›

If the “G” portion—government spending at all levels—increases, then GDP increases. Similarly, if government spending decreases, then GDP decreases.

What factors can increase or decrease aggregate demand? ›

Income and Wealth: As household wealth increases, aggregate demand usually increases as well. Conversely, a decline in wealth usually leads to lower aggregate demand. Increases in personal savings will also lead to less demand for goods, which tends to occur during recessions.

How does a decrease in government spending affect the aggregate expenditure line part 2? ›

0.5. 0.25. How does a decrease in government spending affect the aggregate expenditure line? A - It shifts the aggregate expenditure line upward.

How do negative net exports affect aggregate expenditures and GDP? ›

What effect do NEGATIVE NET EXPORTS have on aggregate expenditures? Negative net exports decrease aggregate expenditures relative to those in a closed economy, decreasing equilibrium real GDP by a multiple of their amount.

What is government investment expenditure? ›

Definition: Government expenditure refers to the purchase of goods and services, which include public consumption and public investment, and transfer payments consisting of income transfers (pensions, social benefits) and capital transfer.

What happens when government spending decreases? ›

The decrease in spending reduces aggregate demand for goods and services, slowing economic growth temporarily. Alternatively, when the government reduces spending, it reduces aggregate demand in the economy, which again temporarily slows economic growth.

How an increase in government spending may cause economic growth? ›

The increased government spending may create a multiplier effect. If the government spending causes the unemployed to gain jobs then they will have more income to spend leading to a further increase in aggregate demand.

What causes an increase in government spending? ›

The growth of government budgets can be broken down into a-institutional and institutional components. The former component — the familiar substitution, income, and population/public goods-tax sharing effects — is estimated to contribute about two-fifths of the growth of U.S. government spending.

What are five factors that cause the AD curve to shift? ›

What are five factors that cause the AD curve to shift? (1) Changes in foreign income, (2) changes in expectations, (3) changes in exchange rates, (4) changes in the distribution of income, and (5) changes in fiscal and monetary policies.

What will a rise in net exports do? ›

Net exports are one component of aggregate demand; a change in net exports shifts the aggregate demand curve and affects real GDP in the short run. All other things unchanged, a reduction in net exports reduces aggregate demand, and an increase in net exports increases it.

Why is investment spending the most volatile component of aggregate expenditures? ›

Investment is a negative function of interest rates and the cost of capital goods. If either of these determinants increase, investment will decrease. Because these determinants of investment are so variable over the business cycle, investment is the most volatile component of aggregate spending.

What is aggregate expenditure example? ›

In our example, we assume that planned investment expenditures are autonomous. Expenditures that vary with real GDP are called induced aggregate expenditures. Consumption spending that rises with real GDP is an example of an induced aggregate expenditure.

What is the formula for the aggregate expenditure multiplier? ›

M = 1 / MPS is commonly used to calculate the expenditure multiplier. An individual may increase the aggregate expenditure if he took $100 from his shoebox and spent on goods and services.

What is the equation for aggregate expenditure quizlet? ›

Aggregate expenditure​ = Consumption​ + Planned investment​ + Government purchases​ + Net​ exports, ​where: Consumption​ (C): Spending by households on goods and services.

What is net exports formula? ›

The formula for net exports is a simple one: The value of a nation's total export goods and services minus the value of all the goods and services it imports equal its net exports. A nation that has positive net exports enjoys a trade surplus, while negative net exports mean the nation has a trade deficit.

What are the four main determinants of investment? ›

What are the four main determinants of​ investment? Expectations of future​ profitability, interest​ rates, taxes and cash flow.

What is the basic idea of the aggregate expenditure model quizlet? ›

The basic premise of the aggregate expenditures model is that the amount of goods and services produced and the level of employment depend directly on the level of total spending.

How does an increase in exports affect aggregate demand? ›

An increase in foreign incomes increases a country's net exports and aggregate demand; a slump in foreign incomes reduces net exports and aggregate demand.

What 3 things can cause an increase in aggregate demand? ›

Any increase in any of the four components of aggregate demand leads to an increase or shift in the aggregate demand curve as seen in the diagram above.
...
Consumption
  • Consumer Confidence. ...
  • Interest Rates. ...
  • Consumer Debt. ...
  • Wealth.
2 Feb 2022

Which of the following would not be included in aggregate demand? ›

The aggregate demand in two sector economy only includes the expenditure made by the consumer sector and the producer sector. The expenditure by the government sector and net exports are not included in the two sector economy.

What happens when aggregate expenditure is less than GDP? ›

If aggregate expenditures are less than real GDP, it means that people are planning to buy fewer goods and services than are currently being produced. Since not all goods and services will be sold, inventories will pile up. When producers see inventories building up, they decrease production, and real GDP falls.

Why does GDP equal aggregate income and expenditure? ›

Aggregate Income = GDP = Aggregate Expenditure.

**The expenditure approach adds up the total spending on new production, while the income approach adds up all of the income earned by the resource suppliers in producing those goods and services. And in the end they add up to the same thing GDP.

How do you graph an aggregate expenditure function? ›

Aggregate Expenditure and the 45 degree line - YouTube

How does government spending affect net exports? ›

When government spending decreases, regardless of tax policy, aggregate demand decrease, thus shifting to the left. The fourth term that will lead to a shift in the aggregate demand curve is NX(e). This term means that net exports, defined as exports less imports, is a function of the real exchange rate.

What are the components of aggregate expenditure? ›

There are four main aggregate expenditures that go into calculating GDP: consumption by households, investment by businesses, government spending on goods and services, and net exports, which are equal to exports minus imports of goods and services.

Which one is the example of a government expenditure? ›

Governments spend money producing and purchasing goods and services (e.g. defence, education and health care) and on redistribution programmes (e.g. pensions and unemployment insurance).

What are the four components of aggregate demand? ›

Key points. Aggregate demand is the sum of four components: consumption, investment, government spending, and net exports. Consumption can change for a number of reasons, including movements in income, taxes, expectations about future income, and changes in wealth levels.

Which is the smallest component of aggregate expenditure? ›

The smallest component of aggregate spending in the United States is: net exports.

Which of the following is the largest component of aggregate demand for the US economy? ›

Which of the following is the largest component of aggregate demand for the U.S. economy? Consumption. In the aggregate, consumption spending accounts for over 2/3 of total spending in the U.S. economy.

How do negative net exports affect aggregate expenditures and GDP quizlet? ›

What effect do NEGATIVE NET EXPORTS have on aggregate expenditures? Negative net exports decrease aggregate expenditures relative to those in a closed economy, decreasing equilibrium real GDP by a multiple of their amount.

What causes a shift in aggregate expenditure? ›

Compared to the simplified aggregate expenditures model, the aggregate expenditures curve shifts up by the amount of government purchases and net exports.An even more realistic view of the economy might assume that imports are induced, since as a country's real GDP rises it will buy more goods and services, some of ...

Why net exports are expenditures? ›

Explanation: The balance of trade is also called as the net exports is a gap between the monetary values of a country exports and the imports over a certain period of time and sometimes this difference is made between the balance of trade of goods versus services.

What are the factors that affect net exports? ›

Factors That Affect Net Exports • The tastes of consumers for domestic and foreign goods. The prices of goods at home and abroad. The exchange rates at which people can use domestic currency to buy foreign currencies. The incomes of consumers at home and abroad.

When investment is greater than saving we are? ›

When investment is more than savings , then the planned inventory rises above the desired level due to less consumption. Therefore to clear the unwanted increase in inventory, firms plan to reduce the output production in the economy due to which the National Income falls in an economy.

What happens to taxes and investments in a mixed closed economy? ›

In a mixed closed economy: government purchases and saving are injections, while investment and taxes are leakages. taxes and government purchases are leakages, while investment and saving are injections. taxes and savings are leakages, while investment and government purchases are injections.

What happens if GDP exceeds aggregate expenditures in a private closed economy? ›

In a private closed economy, when aggregate expenditures exceed GDP: -GDP will decline.

How does an increase in government spending affect the aggregate expenditure line? ›

How does an increase in government spending affect the aggregate expenditure line? It shifts the aggregate expenditure line upward.

What causes aggregate expenditure to fall? ›

Higher inflation will eventually cause aggregate expenditures to decrease, because higher prices reduces the wealth of consumers, thus leading to lower spending. This is particularly true for poorer consumers, since they tend to spend all the money that they have, to pay for essentials.

How does government spending affect aggregate demand? ›

Increased government spending is likely to cause a rise in aggregate demand (AD). This can lead to higher growth in the short-term. It can also potentially lead to inflation.

Is net exports an expenditure? ›

'Net' exports refer to the value of a country's export earnings on the sale of goods and service abroad, minus its expenditure on imported goods and services.

Which of the following is not included in aggregate expenditure? ›

The correct option is: (c) actual investment spending

Thus, actual investment spending is not one of the components of the aggregate expenditure. The four main components of aggregate expenditure are as follows: Consumption spending. Planned investment.

What is government investment expenditure? ›

Definition: Government expenditure refers to the purchase of goods and services, which include public consumption and public investment, and transfer payments consisting of income transfers (pensions, social benefits) and capital transfer.

What causes increase in net exports? ›

A lower price level makes that economy's goods more attractive to foreign buyers, increasing exports. It will also make foreign-produced goods and services less attractive to the economy's buyers, reducing imports. The result is an increase in net exports.

What is the effect of an increase in net exports? ›

Net exports are one component of aggregate demand; a change in net exports shifts the aggregate demand curve and affects real GDP in the short run. All other things unchanged, a reduction in net exports reduces aggregate demand, and an increase in net exports increases it.

How is the net export function related to GDP? ›

The net export variable is very important in the computation of a country's GDP. A trade surplus is added to the country's GDP. Net exports can also serve as a measure of financial health for a country. A country with a high export value generates income from other countries.

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