OLIVIA NEWTON-JOHN HAIRSTYLES

OLIVIA NEWTON-JOHN HAIRSTYLES on Economists choose this definition because the important feature of saving is that it represents money which, having been paid out as income to households, does not flow back to firms in the form of expenditure on goods and services. If there were not some other source of expenditure on goods and services to replace the amount saved, firms would find that they were producing too much and would therefore reduce production, implying in turn a fall in income and employment. In fact, another source of expenditure does exist, and this is investment. If the amount invested just equals the amount saved, income and employment will show no tendency to change, i.e. they will be in equilibrium. If investment is less than saving, total expenditure will be inadequate to maintain the previous level of output, income and employment, which will all tend to fall. OLIVIA NEWTON-JOHN HAIRSTYLES 2016.

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