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Chapter 13

Chapter 13

Chapter 13. We have seen how labor market equilibrium determines the quantity of labor employed, given a fixed amount of capital, other factors of production and the state of technology. Recall that the quantity of real GDP at full employment is potential GDP.

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532 views • 47 slides
CHAPTER

CHAPTER

1. CHAPTER. Production grows and prices rise, but the pace is uneven. What forces bring persistent and rapid expansion of real GDP? What forces bring inflation? Why do we have business cycles? What is the range of view of macroeconomists in different schools of thought?. Aggregate Supply.

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517 views • 44 slides
Production grows and prices rise, but the pace is uneven.

Production grows and prices rise, but the pace is uneven.

Production grows and prices rise, but the pace is uneven. What forces bring persistent and rapid expansion of real GDP? What forces bring inflation? Why do we have business cycles? What is the range of view of macroeconomists in different schools of thought?. Aggregate Supply.

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511 views • 44 slides
CHAPTER

CHAPTER

1. CHAPTER. Production grows and prices rise, but the pace is uneven. What forces bring persistent and rapid expansion of real GDP? What forces bring inflation? Why do we have business cycles? What is the range of view of macroeconomists in different schools of thought?. Aggregate Supply.

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454 views • 44 slides
Aggregate Supply

Aggregate Supply

Aggregate Supply. Quantity Supplied and Supply The quantity of real GDP supplied is the total quantity that firms plan to produce during a given period. Aggregate supply is the relationship between the quantity of real GDP supplied and the price level.

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445 views • 43 slides
Aggregate Supply & Aggregate Demand

Aggregate Supply & Aggregate Demand

Aggregate Supply & Aggregate Demand. NOT Supply & Demand Aggregate = Total national output (GDP) Two time frames. Aggregate Supply & Aggregate Demand. The Long-run is a time frame when all adjustments to the economy are complete.

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655 views • 39 slides
Chapter 7 Aggregate Demand and Aggregate Supply

Chapter 7 Aggregate Demand and Aggregate Supply

Chapter 7 Aggregate Demand and Aggregate Supply. Aggregate Demand and Aggregate Supply. Potential output is the level of output an economy can achieve when labor is employed at its natural level.

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513 views • 28 slides
Aggregate Demand

Aggregate Demand

Aggregate Demand. The quantity of real GDP demanded, Y , is the total amount of final goods and services produced in the United States that households (C), businesses (I), governments (G), and foreigners (NX) plan to buy. So, aggregate demand is the sum of the four component demands:

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227 views • 12 slides

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