MDU Macroeconomics Lecture 3

Unemployment, Aggregate Demand and the Surplus Approach MDU Macroeconomics Lecture 3

Today ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The Great Depression ,[object Object],[object Object],[object Object],[object Object]

Business Cycles ,[object Object]

Ireland’s Real GDP Growth vs EU-6, 1960-2000

Aggregate Demand ,[object Object],[object Object],[object Object]

Aggregate Demand Price Level Real GNP A B AD1 AD2 P1 GNP1 GNP2

The Aggregate-Demand Curve... 0 Quantity of Output Price Level Aggregate demand P 1 Y 1 Y 2 P 2 2. …increases the quantity of goods and services demanded. 1. A decrease in the price level...

Shifts in the Aggregate Demand Curve... 0 P 1 Y 1 Quantity of Output Price Level Aggregate demand, D 1 D 2 Y 2

Aggregate Supply (AS) ,[object Object],[object Object],[object Object]

Aggregate Supply Price Level Real GNP P1 P2 GNP1 AS1 AS2 A B

Income, Consumption, and Saving ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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MDU Macroeconomics Lecture 3

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MDU Macroeconomics Lecture 3