macroeconomics ch 8 Aggregate Demand & Aggregate Supply
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| aggregate demand (AD) | show 🗑
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| aggregate demand (AD) curve | show 🗑
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| AD curve equation | show 🗑
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| show | the change in the purchasing power of dollar-denominated assets that results fr a change in the price level; basically when your money means more, you buy more; house to house movement
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| interest rate effect | show 🗑
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| international trade effect | show 🗑
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| show | the value of a person's monetary assets only
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| show | the value of all assets owned, both monetary & nonmonetary
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| exchange rate | show 🗑
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| appreciation | show 🗑
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| show | a decrease in the value of one currency relative to other currencies; PP$ down -> US Ex down US Im up -> Nx down -> AD down
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| show | the average # of times a dollar is spent to buy final goods & services in a yr
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| show | the qty supplied of all goods & services (Real GDP) at different price levels, ceteris paribus
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| Short-Run Aggregate Supply (SRAS) Curve | show 🗑
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| SRAS shifters (street to street) | show 🗑
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| show | the cond in the economy when the qty demanded of Real GDP = the (short-run) qty supplied of real GDP; where the AD curve and SRAS curve intersect
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| natural real GDP | show 🗑
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| long-run aggregate supply (LRAS) curve | show 🗑
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| show | the condition that exists in the economy when wages & prices have adjusted to their (final) equilibrium level when wkrs don't have any relevant misperceptions; graphically LR equilibrium occurs at the intersection of the AD & LRAS curves
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| show | 1. potential GDP, 2. Natural GDP, 3. Natural Unemployment GDP (Fric + Struc = Nat Unemp), 4. full employment GDP, 5. Maximum Sustainable GDP
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| LRAS Curve movements | show 🗑
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| credit market/loanable funds | show 🗑
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| difference between SR & LR | show 🗑
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