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AP Economics Mr. Haderlein

Get an overview of the semester, review macroeconomics concepts, tackle Fall finals, analyze a monetary policy cartoon, and delve into Chapter 35. Learn about short run vs. long run, types of inflation, Phillips Curve, supply shock, Laffer Curve, and supply-side economics.

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AP Economics Mr. Haderlein

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  1. AP Economics Mr. Haderlein

  2. Agenda • Semester overview • Macroeconomics Review • Fall Finals Returned • Monetary policy cartoon • Intro to Chapter 35 • HOMEWORK • Read Chapter 35 • Questions 1, 2, 3 • Problem 1

  3. Semester Overview Handout

  4. Fall Finals Returned

  5. Monetary Policy Cartoon

  6. Three Minute Break

  7. Intro To Chapter 35 Short Run vs. Long Run Types of Inflation • Demand Pull • Cost Push • Page 721

  8. Intro To Chapter 35 Phillips Curve • Relationship between unemployment and inflation • Page 725 – 727 • Long Run Phillips Curve • Page 728 (Figure 35.11)

  9. Intro To Chapter 35 Supply Shock • Sudden and large decrease in supply • Causes stagnant economy AND inflation (STAGFLATION) • Example: Oil in the early 1970s

  10. Intro To Chapter 35 Laffer Curve • Relationship between tax rates and tax revenue • Page 731 (figure 35.12) • Higher rates may not generate higher tax revenue • Robin Hood

  11. Intro To Chapter 35 Supplyside Economics • Economic Policy focused on supply • Increase supply and you get GDP up and low inflation (Economic Nervana!) • Do the Graph (or look on page 724) • Reaction to the 1970s

  12. HOMEWORK • Read Chapter 35 • Questions 1, 2, 3 • Problem 1

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