Saving is called a leak because money is not used in the economy in a particular way it is leaked out of the economy.
Explanation:
A planned investment is called an injection because capital investments are moved into the existing economy. This method is used to expand a business.
To avoid savings leakage savings must be equivalent to planned GDP equilibrium investment in the private closed economy. The leakage is the non-consumption use of income, that includes savings,taxes and imports.
At equilibrium GDP there will not be any changes in unplanned inventories because the expenditures will exactly equal the planned output levels that include consumer goods and services and planned investment. Hence, There is no unplanned investment and no unplanned inventory changes.
Answer:
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Credit union - provides credit only to the organization’s members
Payday lender - offers short-term credit at very high interest rates
Consumer finance company - typically provides credit for purchasing items on an installment basis
Bank - provides credit for a wide variety of purposes and periods of time.
Answer:
Skysong Corporation
Statement of Retained Earnings
Retained earnings balance January 1, 2020 $691,300
Add:
Adjustments to 2019 Income Statement $88,390
Net profits 2020 $1,552,100
Less:
<u>Dividends declared and distributed ($82,000) </u>
Retained earnings balance December 31, 2020 $2,249,790
Since the land purchase was recorded as maintenance expense by error, the 2019 income statement must be adjusted by adding that amount.
