TOPICS
- UE, IN, and EG (Ch
6)
- The business cycle: short-run changes in UE and IN and
long-run EG (Ch. 9)
- A model of the macro-economy: AD and its determinants
(Ch. 12)
OUTCOMES
What is the "miracle of
modern economic growth"?
Economic growth, the choice
between present and future consumption, and the role of
saving and investment.
Unemployment, inflation and the
business cycle: peak, recession, trough, and expansion
(recovery); long run growth trend
Causes of the business cycle:
demand shocks and price stickiness
Define, draw, and describe the
shape, and understand the determinants of the AD
curve
[Define, Draw, Describe,
Determinants]
How does the AS/AD model of
chapter 12 differ from the S/D model of chapter
3?
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