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Principles of Macroeconomics – Aggregate Supply and Aggregate Demand (Lecture 3.1)

Principles of Macroeconomics – Aggregate Supply and Aggregate Demand (Lecture 3.1)

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Unformatted text preview: Prin&[email protected] s p& M&. rp&& pnpmi ¡ s – A¢ » rF &&t& Supply &nS A 5 +r &¢ »t F D&m£n ˆ (L&&tur F &&&‘ &n&mplpym¤nt • fri&tipn¨l o < &&n p&pplˆ &&&n && jp&s& o [email protected] tp & lˆ Fk p& in&prm&tipn5 sp pˆppl& ¥&&n&& jpSs¦ l&&vinF t&& „mplpy&rs Flw&ys lpsin& wprk¦rs &n» sp&n& tim& &in„in& n&w &mplpy&&s§ o [email protected] s&&[email protected] » pr &mplpy&& s©Sr¦ 5 + T¢is is @vn&r&lly sªprt t&rm& • Stru&tur‚l o Lpn&&t&rm ˆu& tp r&stru&tur¦ p& ¢ »pnpmy (v @&& &[email protected] tp n&w t&&&nplpSy s+i&tinF t&& ¢»pnpmy& « TF&r& ¬pul& &lsp F& & ­ ®In“* in t ¶ “ l&w &s w‚ll» o T&&r& is jp& m&[email protected]& wit» p&pplq ’s skills in ˆurt&in &mplpymynt& o Tim& is @ivFn &pr t&& &&pnpmy tp » ˆjust& Qut &&w&r wprk&rs will & £ ˆmplpy¯„ Furin‘ t&&t tim‚ § • Cydli*&l o [email protected] tp insuF&i&i°nt &&m&nS ¦pr &ppˆs &n& s&rvi&&s© m¦ 5nin¢ tF&t in Austr&liˆ t&&r‘ is & l&&k pF willin&n&ss tp 5uy ¢ »rt&in &pp&s &[email protected] sFrvi&is w&i&& yr&&t&s un±mplpym‹nt> o S&prt&t&rm± o ) &&n t&&rS ’s + &pwnturn& tˆ Fr& is ˆy&li& ‘l [email protected]»nt &u& tp & n& ©Stiv+ putput& Tvis is w» ˆn A&tu&l GDP²Ppt¦nti&l GDP full *mplpym>nt • π » ˆn &t «ull &mplpym&nt& tˆ Fr& is np *y&liI ¶ l un&mplpymSnt +ut tˆ Fr& still m&y „ˆ pt&&r typ&s p& unFmplpym&nt& T©is is w¢y t&&r& is still unFmplpym&nt &t yull &mplpym&nt± • Tv @ n&tur»l r&t& p& un&mplpym+nt is w&&n [email protected]»nt r&t¥ is &t ©ull +mplpym&nt& • &&n prp©u¡tivity in&r&&s„s pv&rtimF& t& ‘rˆ will && mprF &&&i&i&n&y sp t5 +r& ¢prF t&& n&tur&l rSt¦ p& unˆmplpym„nt will ˆ F&r&&s„ ˆ •...
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Principles of Macroeconomics – Aggregate Supply and Aggregate Demand (Lecture 3.1)

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