The relationship between GDP​ (Y) and its components is given​ by:

The relationship between GDP​ (Y) and its components is given​ by:

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In a closed​ economy, net exports​ (NX) are​ zero:

​Rearranged, investment spending on the part of businesses​ is:

Private saving is equal to what households retain of their income after paying taxes​ (T) and consumption​ (C). Households also receive income in the form of transfer payments​ (TR):

We refer to government saving as public

saving. It is what remains of tax revenue​ (T) after the government pays transfers​ (TR) and conducts purchases​ (G). When public saving is​ negative, there is a budget deficit. When the value of public saving is​ positive, there is a budget surplus. Public saving is given​ by:

Investment equals private savings plus public​ savings:


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