Krugman AP Macroeconomics Module 19
Subject:
Economics [1]
Tags:
economics [2]
macroeconomics [3]
demand [4]
inflation [5]
AD-AS model [6]
Aggregate supply [9]
Inflationary gap [10]
Aggregate demand [11]
Supply shock [12]
Stagflation [13]
behavior [14]
Human development [15]
Computing [16]
Electronic documents [18]
Psychoanalysis [20]
Human behavior [21]
Attachment theory [23]
Technology [24]
Business [25]
Module 19: Equilibrium in the Aggregate Demand-Aggregate Supply Model -The difference between short-run and long-run macroeconomic equilibrium -The causes and effects of demand shocks and supply shocks -How to determine if an economy is experiencing a recessionary gap or an inflationary gap and how to calculate the size of output gaps The AD?AS Model: the aggregate supply curve and the aggregate demand curve are used together to analyze economic fluctuations Price shock: dramatic fall in short-run aggregate supply Short-Run Macroeconomic Equilibrium: when the quantity of aggregate output supplied is equal to the quantity demanded Short-run equilibrium aggregate output: the quantity of aggregate output produced in the short-run macroeconomic equilibrium