Review topics for third exam

Review topics for third exam - REVIEW TOPICS FOR THIRD EXAM...

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REVIEW TOPICS FOR THIRD EXAM SPRING 2010 CHAPTERS 8 - 12 Chapter 8 – Business Cycle Classical theory versus Keynesian theory The Great Depression Say’s Law – definition and calculation Business cycle – definition Recession – definition  Macro outcomes – output, prices, jobs, growth, international balances Determinants of performance – internal market forces, external shocks, policy levers Three reasons for the slope of the AD curve and why it shifts – real balances effect, foreign- trade effect, interest-rate effect  Two reasons for the slope of the AS curve and why it shifts – profit effect, cost effect Macro equilibrium – definition Two major examples of macro failure – undesirable outcomes, price instability Full employment GDP Chapter 9 Aggregate Demand Components of aggregate demand – consumption, investment, government spending, net  exports Aggregate supply and demand – definitions
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This note was uploaded on 07/02/2011 for the course ECON 222 taught by Professor Shimpalee during the Spring '10 term at South Carolina.

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Review topics for third exam - REVIEW TOPICS FOR THIRD EXAM...

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