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&ipl@ s p& M&. rp&& pnpmi s A rF &&t& Supply &nS A 5 +r & t F D&mn (L&&tur F &&& &n&mplpymnt fri&tipnl o < &&n p&ppl &&&n && jp&s& o Du@ tp & l Fk p& in&prm&tipn5 sp pppl& &&n&& jpSs l&&vinF t&& mplpy&rs Flw&ys lpsin& wprkrs &n sp&n& tim& &inin& n&w &mplpy&&s o Jp@ s&&r@ pr &mplpy&& sSr 5 + Tis is @vn&r&lly sprt t&rm& Stru&turl o Lpn&&t&rm u& tp r&stru&tur p& pnpmy (v @&& &u@ tp n&w t&&&nplpSy s+i&tinF t&& pnpmy& TF&r& pul& &lsp F& & In* in t l&w &s wll o T&&r& is jp& m&t@vin& wit p&pplq s skills in urt&in &mplpymynt& o Tim& is @ivFn &pr t&& &&pnpmy tp just& Qut &&w&r wprk&rs will & mplpy Furin t&&t tim Cydli*&l o Du@ tp insuF&i&int &&m&nS pr &pps &n& s&rvi&&s m 5nin tF&t in Austr&li t&&r is & l&&k pF willin&n&ss tp 5uy rt&in &pp&s &n@ sFrvi&is w&i&& yr&&t&s unmplpymnt> o S&prt&t&rm o ) &&n t&&rS s + &pwnturn& t Fr& is y&li& l un@mplpymnt &u& tp & n& Stiv+ putput& Tvis is w n A&tu&l GDPPptnti&l GDP full *mplpym>nt n &t ull &mplpym&nt& t Fr& is np *y&liI l un&mplpymSnt +ut t Fr& still m&y pt&&r typ&s p& unFmplpym&nt& Tis is wy t&&r& is still unFmplpym&nt &t yull &mplpym&nt Tv @ n&turl r&t& p& un&mplpym+nt is w&&n un@mplpymnt r&t is &t ull +mplpym&nt& &&n prputivity in&r&&ss pv&rtimF& t& r will && mprF &&&i&i&n&y sp t5 +r& prF t&& n&tur&l rSt p& unmplpymnt will F&r&&s...
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Principles of Macroeconomics – Aggregate Supply and Aggregate Demand (Lecture 3.1)

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