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Aggregate Demand and Supply > Introducing Aggregate Demand and Aggregate Supply
Introducing Aggregate Demand and Aggregate Supply
• Explaining Fluctuations in Output
• Classical Theory
• Keynesian Theory
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Appendix
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Aggregate Demand and Supply
Key terms
• economic output The productivity of a country or region measured by the value of goods and services produced.
• Keynesian Economics A school of thought that is characterized by a belief in active government intervention in an economy
and the use of monetary policy to promote growth and stability.
• nominal Without adjustment to remove the effects of inflation (in contrast to real).
• self-regulating Describing something capable of controlling itself.
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Aggregate Demand and Supply
AS-AD Model
This AS-AD model shows how the aggregate supply and aggregate demand are graphed to show economic output. The AD curve shifts to the right
which increases output and price.
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Wikipedia. "AS AD graph." CC BY-SA http://en.wikipedia.org/wiki/File:AS_%252B_AD_graph.svg View on Boundless.com
Aggregate Demand and Supply
Adam Smith
Adam Smith was one of the individuals who helped establish classical economic theory.
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Aggregate Demand and Supply
John Maynard Keynes
John Maynard Keynes introduced Keynesian theory in his book, The General Theory of Employment, Interest, and Money.
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Wikipedia. "John Maynard Keynes." Public domain http://en.wikipedia.org/wiki/File:John_Maynard_Keynes.jpg View on Boundless.com
Aggregate Demand and Supply
According to Hume, in the short run, an increase in the money
supply will ________, and in the long run, an increase in the
money supply will _________.
A) decrease production; do nothing
B) do nothing; increase production
C) do nothing; decrease production
D) increase production; do nothing
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Aggregate Demand and Supply
According to Hume, in the short run, an increase in the money
supply will ________, and in the long run, an increase in the
money supply will _________.
A) decrease production; do nothing
B) do nothing; increase production
C) do nothing; decrease production
D) increase production; do nothing
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Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Aggregate Demand and Supply
Classical economists assume that _________.
A) All of these answers
B) real GDP can be determined without knowing the money supply or
rate of inflation
C) real and nominal variables can be analyzed separately
D) money affects only price and wage levels
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Aggregate Demand and Supply
Classical economists assume that _________.
A) All of these answers
B) real GDP can be determined without knowing the money supply or
rate of inflation
C) real and nominal variables can be analyzed separately
D) money affects only price and wage levels
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Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Aggregate Demand and Supply
Suppose a government provided stimulus money to businesses in
order to reverse an economic downturn. This action most closely
aligns with which of the following economic schools of thought?
A) Classical school
B) Keynesian school
C) Austrian school
D) Rational expectations school
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Aggregate Demand and Supply
Suppose a government provided stimulus money to businesses in
order to reverse an economic downturn. This action most closely
aligns with which of the following economic schools of thought?
A) Classical school
B) Keynesian school
C) Austrian school
D) Rational expectations school
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Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Aggregate Demand and Supply
Attribution
• Wikipedia. "Aggregate supply." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Aggregate_supply
• Wikipedia. "Output (economics)." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Output_(economics)
• Wikipedia. "Aggregate demand." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Aggregate_demand
• Wiktionary. "economic output." CC BY-SA 3.0 http://en.wiktionary.org/wiki/economic+output
• Wiktionary. "nominal." CC BY-SA 3.0 http://en.wiktionary.org/wiki/nominal
• Wikipedia. "Classical economics." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Classical_economics
• Wiktionary. "self-regulating." CC BY-SA 3.0 http://en.wiktionary.org/wiki/self-regulating
• Wikipedia. "Austrian School." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Austrian_School
• Wikipedia. "Chicago school of economics." CC BY-SA 3.0
http://en.wikipedia.org/wiki/Chicago_school_of_economics#Discussion
• Wiktionary. "Keynesianism." CC BY-SA http://en.wiktionary.org/wiki/Keynesianism
• Wikipedia. "Keynesian economics." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Keynesian_economics
• Wikipedia. "Keynesian Economics." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Keynesian%20Economics
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