Ch 7 econ notes
1.????? Real Economic growth a.?????? How does real economic growth occur? ????????????????????????????????????????????????????????????? i.????? When the factors of production improve b.????? What does it look like on an AS AD model? ????????????????????????????????????????????????????????????? i.????? Aggregate= Total ??????????????????????????????????????????????????????????? ii.????? On Y axis is Average Price Level ????????????????????????????????????????????????????????? iii.????? On X axis is Real GDP (Real Output c.?????? PPC? ????????????????????????????????????????????????????????????? i.????? AD=C+Ig+G+Xn 1.????? Consumption, Investment, Gov Spending, Exports 2.????? So the curve will shift with these factors 2.????? Business Cycle (See One Note) a.?????? Explain What it is