The new classical perspective In the new classical model, full employment describes a situation where actual […]
The LRAS is an addition to the AD-AS model, which is used to examine the theoretical […]
The business cycle, as shown below, refers to the observed pattern of expansions and contractions which […]
Aggregate demand (AD) is the total demand for all finished goods and services in an economy […]
The short-run aggregate supply (SRAS) curve shows the relationship between the total quantity of goods and […]
Macroeconomics is a branch of economics that examines the economy in the aggregate (i.e. the whole […]
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