Ch 10 Self-Review

Ch 10 Self-Review - Ch 10(240-247 Self-Review 17:25:00 Aggregate Supply total of all planned production for the entire economy Long-run Aggregate

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Ch. 10 (240-247) Self-Review 30/03/2008 18:25:00 Aggregate Supply     : total of all planned production for the entire economy. Long-run Aggregate Supply Curve     : a vertical line representing the real output of  goods and services after full adjustment has occurred. Also can be viewed as  representing the full-employment level of real GDP. Economic Growth     : an increase in both aggregate real GDP and per capita real  GDP In an economy experiencing economic growth, the LRAS curve shifts right  over time Aggregate Demand     : Total of all planned expenditures in the entire economy Aggregate Demand Curve     : A curve showing the planned purchase rates for all  final goods and services in the economy at various price levels, all other things held  constant. Price Level
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This note was uploaded on 11/13/2008 for the course ECON 205 taught by Professor Kamrany during the Spring '07 term at USC.

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Ch 10 Self-Review - Ch 10(240-247 Self-Review 17:25:00 Aggregate Supply total of all planned production for the entire economy Long-run Aggregate

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