Aggregate Demand & Aggregate Supply
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Thank you, this was excellent. Short and to the point.
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You only explain the keynesian model.
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Fuck I hate Aggregate Supply. :S
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I wish you are my econ teacher
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I remember when I learned this in my AP economics courses, that is when I realized the futility of capitalism.
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i like the way he says "demand" -- "demaund" :D
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jeebus h. christ! i finally understand economics. in all seriousness though, this guy is really good.
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This isn't to do with capitalism; this suggests a real need for an active government role in directing the economy; hardly free market capitalism writ large! Also it's a model; reality is far more complex!
BrynJonesOnline 4 months ago
We are both right. The price level represents the change in aggregate prices or prices in general and so is representative of inflation
BrynJonesOnline 8 months ago
The answer is (a) as those are the labelks on the 2 axes
BrynJonesOnline 9 months ago
If the costs of production increase, this doesn't alter the quantity or quality of the factors of production in an economy and so the maximum output won't change; it'll just cost more to produce any level of output and so the price level increases as firms push up prices to compensate for their higher costs of production
BrynJonesOnline 9 months ago
TheAnthonyhaber: AD shifts if one of the components of AD changes; eg if income taxes increase, C will decrease and so AD will decrease shifting the AD curve to the left.
AS will shift to the right if the economy has more factors of production or the factors of production become more productive. Hope this helps. Bryn
BrynJonesOnline 9 months ago
Yes
BrynJonesOnline 10 months ago