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Between 2007 and 2009, the United States experienced a severe...

Between 2007 and 2009, the United States experienced a severe financial crisis and economic downturn commonly known as the Great Recession. The recession was marked by a drop in aggregate demand that caused a decline in GDP and an increase in unemployment. Draw an example of an AD-AS model that illustrates the general trends of the U.S. economy during the Great Recession. In addition to your image, provide a response to the following: How did the AD/AS equilibrium change over time? Support your claims by referring to your AD/AS model. Select an economic factor (GDP, unemployment, price level) and explain what impact any shifts in AD or AS (or both) had on your chosen factor.

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