Equilibrium Output and
The aggregate demand (AD) curve shows the real
output (real GDP) that people are willing and able
to buy at different price levels, ceteris paribus.
The AD curve sh
Sustained rise in the general price level of goods
The value of a dollar does not stay constant when
there is inflation. The value of money is usually
3 of 47
All economies, regardless of their size,
depend to some extent on other
economies and are affected by events
outside their borders.
4 of 47
The internationalization or glob
Theories, Concepts and
Models of Development
Prof Jo B. Bitonio
Concept of Development
and Economic Development
Development: A multi-dimensional process
which involves transformation in structures,
1. Market economy define as an economic system which only little interferen
Macroeconomics Reviewed Questions
How might real GDP differ from nominal GDP? Does GDP measure economic wellbeing effectively? Why and why not?
How is GDP corrected for inflation? Explain.
Could nominal GDP decrease if the amount of output pr
GDP of three approach in Turkey
1. Expenditure approach
Compute gross domestic product by sum up final consumption, investment,
government spending and net export (export minus import). This method generates
nominal GDP but we need to know the real GDP wh