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12 SHORT-RUN ECONOMIC FLUCTATIONS
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12 SHORT-RUN ECONOMIC FLUCTATIONS. Copyright©2004 South-Western 33 Aggregate Demand and Aggregate Supply Aggregate Demand and Aggregate Supply.

Dec 22, 2015

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Page 1: 12 SHORT-RUN ECONOMIC FLUCTATIONS. Copyright©2004 South-Western 33 Aggregate Demand and Aggregate Supply Aggregate Demand and Aggregate Supply.

12

SHORT-RUN ECONOMIC FLUCTATIONS

Page 2: 12 SHORT-RUN ECONOMIC FLUCTATIONS. Copyright©2004 South-Western 33 Aggregate Demand and Aggregate Supply Aggregate Demand and Aggregate Supply.

Copyright©2004 South-Western

3333Aggregate Demand

and

Aggregate Supply

Page 3: 12 SHORT-RUN ECONOMIC FLUCTATIONS. Copyright©2004 South-Western 33 Aggregate Demand and Aggregate Supply Aggregate Demand and Aggregate Supply.

Copyright©2004 South-Western

Figure 1a A Look at Short-Run Economic Fluctuations

Page 4: 12 SHORT-RUN ECONOMIC FLUCTATIONS. Copyright©2004 South-Western 33 Aggregate Demand and Aggregate Supply Aggregate Demand and Aggregate Supply.

Copyright©2004 South-Western

Figure 1b A Look at Short-Run Economic Fluctuations

Page 5: 12 SHORT-RUN ECONOMIC FLUCTATIONS. Copyright©2004 South-Western 33 Aggregate Demand and Aggregate Supply Aggregate Demand and Aggregate Supply.

Copyright©2004 South-Western

Figure 1c A Look at Short-Run Economic Fluctuations

Page 6: 12 SHORT-RUN ECONOMIC FLUCTATIONS. Copyright©2004 South-Western 33 Aggregate Demand and Aggregate Supply Aggregate Demand and Aggregate Supply.

Copyright©2004 South-Western

Figure 2 Aggregate Demand and Aggregate Supply

Page 7: 12 SHORT-RUN ECONOMIC FLUCTATIONS. Copyright©2004 South-Western 33 Aggregate Demand and Aggregate Supply Aggregate Demand and Aggregate Supply.

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Figure 3 The Aggregate-Demand Curve

Page 8: 12 SHORT-RUN ECONOMIC FLUCTATIONS. Copyright©2004 South-Western 33 Aggregate Demand and Aggregate Supply Aggregate Demand and Aggregate Supply.

Table 1 The Aggregate-Demand Curve: Summary

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Page 9: 12 SHORT-RUN ECONOMIC FLUCTATIONS. Copyright©2004 South-Western 33 Aggregate Demand and Aggregate Supply Aggregate Demand and Aggregate Supply.

Copyright©2004 South-Western

Figure 4 The Long-Run Aggregate-Supply Curve

Page 10: 12 SHORT-RUN ECONOMIC FLUCTATIONS. Copyright©2004 South-Western 33 Aggregate Demand and Aggregate Supply Aggregate Demand and Aggregate Supply.

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Figure 5 Long-Run Growth and Inflation in the Model of AD and AS

Page 11: 12 SHORT-RUN ECONOMIC FLUCTATIONS. Copyright©2004 South-Western 33 Aggregate Demand and Aggregate Supply Aggregate Demand and Aggregate Supply.

Copyright©2004 South-Western

Figure 6 The Short-Run Aggregate-Supply Curve

Page 12: 12 SHORT-RUN ECONOMIC FLUCTATIONS. Copyright©2004 South-Western 33 Aggregate Demand and Aggregate Supply Aggregate Demand and Aggregate Supply.

Table 2 The Short-Run Aggregate-Supply Curve: Summary

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Page 13: 12 SHORT-RUN ECONOMIC FLUCTATIONS. Copyright©2004 South-Western 33 Aggregate Demand and Aggregate Supply Aggregate Demand and Aggregate Supply.

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Figure 7 The Long-Run Equilibrium

Page 14: 12 SHORT-RUN ECONOMIC FLUCTATIONS. Copyright©2004 South-Western 33 Aggregate Demand and Aggregate Supply Aggregate Demand and Aggregate Supply.

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Figure 8 A Contraction in Aggregate Demand

Page 15: 12 SHORT-RUN ECONOMIC FLUCTATIONS. Copyright©2004 South-Western 33 Aggregate Demand and Aggregate Supply Aggregate Demand and Aggregate Supply.

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Figure 9 U.S. Real GDP Growth since 1900

Page 16: 12 SHORT-RUN ECONOMIC FLUCTATIONS. Copyright©2004 South-Western 33 Aggregate Demand and Aggregate Supply Aggregate Demand and Aggregate Supply.

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Figure 10 An Adverse Shift in Aggregate Supply

Page 17: 12 SHORT-RUN ECONOMIC FLUCTATIONS. Copyright©2004 South-Western 33 Aggregate Demand and Aggregate Supply Aggregate Demand and Aggregate Supply.

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Figure 11 Accommodating an Adverse Shift in Aggregate Supply