Banks 1Banks William Andrew HallCourse Number: ECO 201.31 Macroeconomics Instructor: Mr. Roger Cyr30 September 2018
Banks 2During unit five we have learned multiple things. We have learned about AD/AS Model, neoclassical model of aggregate demand and aggregate supply, and what money will be like in the future. I learned a lot in this model. AD/AS model “is amacroeconomic modelthat explains price level and output through the relationship of aggregate demand and aggregate supply. It is based on the theory of John Maynard Keynes presented in his work The General Theory of Employment, Interest and Money”. (Wikipedia, 2018). The neoclassical model of aggregate demand and aggregate supply shows the “perspective onmacroeconomicsholds that, in the long run, theeconomywill fluctuate around its potential GDP and its natural rate of unemployment. ...Let's consider the twoneoclassicalbuilding blocks in turn, and how they can be embodied in theaggregate demand/aggregate supply model”. (Lumen, No date). Lastly we learned about whatthe future will be like with money and banking. Everything will be digital and we are already seeing this happen due to phone apps and online currency. In society almost everyone has converted stores and banking to online at the push of a button on a phone or a swipe of a card.