The Aggregate Demand/Aggregate Supply Model (Economics)
Recall cards on the aggregate demand/aggregate supply (AD/AS) model. Macroeconomic perspectives on demand and supply: Say's law, Keynes' law, and the neoclassical versus Keynesian emphasis. Building the model: aggregate supply and the short-run and long-run AS curves, potential and full-employment GDP, aggregate demand and its four components, the wealth, interest rate, and foreign price effects, and equilibrium. Shifts in aggregate supply from productivity and input prices, and shifts in aggregate demand from confidence, government spending, and taxes. How the model incorporates growth, cyclical unemployment, demand-pull and cost-push inflation, and stagflation. The Keynesian, intermediate, and neoclassical zones of the short-run aggregate supply curve.
62 cards
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