principals-concepts-chap12

principals-concepts-chap12 - total economic...

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Chapter 12 ECO 2013 Core Principles Cost-Benefit Principle - the chapter discusses the costs and benefits of auction markets. Equilibrium Principle - the chapter looks at how changes in markets lead to the market- clearing price. Efficiency Principle - the chapter discusses recessions as inefficient, that is, reducing the
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Unformatted text preview: total economic "pie." Important Concepts Covered ! Recession/depression ! Peak/trough ! Expansion/boom ! Potential output ! Output gap ! Recessionary and expansionary gap ! Natural rate of unemployment ! Okun's Law...
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