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- Aggregate demand and aggregate supply curvesKey points Aggregate supply is the total quantity of output firms will produce and sell—in other words, the real GDP. The upward-sloping aggregate supply curve—also known as the short run aggregate supply curve—shows the positive relationship between price level and real GDP in the short run. The aggregate supply curve slopes up because...0 Commenti 0 condivisioni 4559 Views 0 Anteprima
- Aggregate demand in Keynesian analysisKey points Aggregate demand is the sum of four components: consumption, investment, government spending, and net exports. Consumption can change for a number of reasons, including movements in income, taxes, expectations about future income, and changes in wealth levels. Investment can change in response to its expected profitability, which in turn is shaped by...0 Commenti 0 condivisioni 5054 Views 0 Anteprima
- Aggregate demand in Keynesian analysisKey points Aggregate demand is the sum of four components: consumption, investment, government spending, and net exports. Consumption can change for a number of reasons, including movements in income, taxes, expectations about future income, and changes in wealth levels. Investment can change in response to its expected profitability, which in turn is shaped by...0 Commenti 0 condivisioni 6067 Views 0 Anteprima
- Beyond GDP: other ways to measure the economyKey points Gross national product, or GNP, includes what is produced domestically and what is produced by domestic labor and business abroad in a year. National income includes all income earned: wages, profits, rent, and profit income. Net national product, or NNP, is GNP minus depreciation. Depreciation is the process by which capital ages...0 Commenti 0 condivisioni 5503 Views 0 Anteprima
- Changes in equilibrium price and quantity: the four-step processKey points There is a four-step process that allows us to predict how an event will affect the equilibrium price and quantity using the supply and demand framework. Step one: draw a market model (a supply curve and a demand curve) representing the situation before the economic event took place. Step two: determine whether the economic event being analyzed affects demand...0 Commenti 0 condivisioni 5636 Views 0 Anteprima
- Changes in equilibrium price and quantity: the four-step processKey points There is a four-step process that allows us to predict how an event will affect the equilibrium price and quantity using the supply and demand framework. Step one: draw a market model (a supply curve and a demand curve) representing the situation before the economic event took place. Step two: determine whether the economic event being analyzed affects demand...0 Commenti 0 condivisioni 5365 Views 0 Anteprima
- Changes in equilibrium price and quantity: the four-step processKey points There is a four-step process that allows us to predict how an event will affect the equilibrium price and quantity using the supply and demand framework. Step one: draw a market model (a supply curve and a demand curve) representing the situation before the economic event took place. Step two: determine whether the economic event being analyzed affects demand...0 Commenti 0 condivisioni 4635 Views 0 Anteprima
- Command-and-control regulationKey points Command-and-control regulation sets specific limits for pollution emissions and/or mandates that specific pollution-control technologies that must be used. Although such regulations have helped to protect the environment, they have three shortcomings: they provide no incentive for going beyond the limits they set; they offer limited flexibility on where and...0 Commenti 0 condivisioni 4197 Views 0 Anteprima
- Command-and-control regulationKey points Command-and-control regulation sets specific limits for pollution emissions and/or mandates that specific pollution-control technologies that must be used. Although such regulations have helped to protect the environment, they have three shortcomings: they provide no incentive for going beyond the limits they set; they offer limited flexibility on where and...0 Commenti 0 condivisioni 4454 Views 0 Anteprima
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