Aggregate Demand and Aggregate Supply

Август 27, 2022

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Английский язык
Aggregate Demand and Aggregate Supply

Содержание

2. Aggregate Demand Real GDP desired at each price level Inverse relationship Real balances effect Interest effect
3. Aggregate Demand Real domestic output, GDP Price level AD LO1 0 29-
4. Changes in Aggregate Demand Real domestic output, GDP Price level AD1 AD3 AD2 LO1 0 29-
5. Consumer Spending Consumer wealth Household borrowing Consumer expectations Personal taxes LO1 29-
6. Investment Spending Real interest rates Expected returns Expectations about future business conditions Technology Degree of excess
7. Government Spending Government spending increases Aggregate demand increases (as long as interest rates and tax rates
8. Net Export Spending National income abroad Exchange rates Dollar depreciation Dollar appreciation LO1 29-
9. Aggregate Supply Total real output produced at each price level Relationship depends on time horizon Immediate
10. AS: Immediate Short Run Real domestic output, GDP Price level ASISR Qf Immediate-short-run aggregate supply P1
11. Aggregate Supply: Short Run Real domestic output, GDP Price level 0 Qf AS Aggregate supply (short
12. Aggregate Supply: Long Run Real domestic output, GDP Price level ASLR Qf 0 Long-run aggregate supply
13. Changes in Aggregate Supply Determinants of aggregate supply Shift factors Collectively position the AS curve Changes
14. Changes in Aggregate Supply Real domestic output, GDP Price level AS1 AS3 AS2 0 LO2 29-
15. Input Prices Domestic resource prices Labor Capital Land Prices of imported resources Imported oil Exchange rates
16. Productivity Real output per unit of input Increases in productivity reduce costs Decreases in productivity increase
17. Legal-Institutional Environment Legal changes alter per-unit costs of output Taxes and subsidies Extent of government regulation
18. Equilibrium 100 92 502 510 514 a b AD AS 0 LO3 29-
19. Increases in AD: Demand-Pull Inflation Real domestic output, GDP Price level AD1 AS P1 P2 Q2
20. Decreases in AD: Recession Real domestic output, GDP Price level AD1 AS P1 P2 Q1 Q2
21. Decreases in AS: Cost-Push Inflation Real domestic output, GDP Price level AD AS1 P1 P2 Q1
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Слайд 2

Aggregate Demand
Real GDP desired at each price level
Inverse relationship
Real balances effect
Interest

effect
Foreign purchases effect

LO1

29-

Слайд 3

Aggregate Demand
Real domestic output, GDP
Price level
AD
LO1
0
29-

Слайд 4

Changes in Aggregate Demand
Real domestic output, GDP
Price level
AD1
AD3
AD2
LO1
0
29-

Слайд 5

Consumer Spending
Consumer wealth
Household borrowing
Consumer expectations
Personal taxes
LO1
29-

Слайд 6

Investment Spending
Real interest rates
Expected returns
Expectations about future business conditions
Technology
Degree of excess

capacity
Business taxes

LO1

29-

Слайд 7

Government Spending
Government spending increases
Aggregate demand increases (as long as interest rates

and tax rates do not change)
More transportation projects
Government spending decreases
Aggregate demand decreases
Less military spending

LO1

29-

Слайд 8

Net Export Spending
National income abroad
Exchange rates
Dollar depreciation
Dollar appreciation
LO1
29-

Слайд 9

Aggregate Supply
Total real output produced at each price level
Relationship depends on

time horizon
Immediate short run
Short run
Long run

LO2

29-

Слайд 10

AS: Immediate Short Run
Real domestic output, GDP
Price level
ASISR
Qf
Immediate-short-run
aggregate supply
P1
0
LO2
29-

Слайд 11

Aggregate Supply: Short Run
Real domestic output, GDP
Price level
0
Qf
AS
Aggregate supply
(short run)
LO2
29-

Слайд 12

Aggregate Supply: Long Run
Real domestic output, GDP
Price level
ASLR
Qf
0
Long-run
aggregate
supply
LO2
29-

Слайд 13

Changes in Aggregate Supply
Determinants of aggregate supply
Shift factors
Collectively position the AS

curve
Changes raise or lower per-unit production costs

LO2

29-

Слайд 14

Changes in Aggregate Supply
Real domestic output, GDP
Price level
AS1
AS3
AS2
0
LO2
29-

Слайд 15

Input Prices
Domestic resource prices
Labor
Capital
Land
Prices of imported resources
Imported oil
Exchange rates
LO2
29-

Слайд 16

Productivity
Real output per unit of input
Increases in productivity reduce costs
Decreases in

productivity increase costs

LO2

29-

Слайд 17

Legal-Institutional Environment
Legal changes alter per-unit costs of output
Taxes and subsidies
Extent of

government regulation

LO2

29-

Слайд 18

Equilibrium
100
92
502
510
514
a
b
AD
AS
0
LO3
29-

Слайд 19

Increases in AD: Demand-Pull Inflation
Real domestic output, GDP
Price level
AD1
AS
P1
P2
Q2
Q1
Qf
AD2
0
LO4
29-

Слайд 20

Decreases in AD: Recession
Real domestic output, GDP
Price level
AD1
AS
P1
P2
Q1
Q2
Qf
AD2
c
a
b
0
LO4
29-

Слайд 21

Decreases in AS: Cost-Push Inflation
Real domestic output, GDP
Price level
AD
AS1
P1
P2
Q1
Qf
AS2
a
b
0
LO4
29-