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Lecture

Chapter 23 and 24.docx

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Department
Economics
Course
ECON 2210
Professor
M.Yu
Semester
Fall

Description
Chapter 23 and 24 Chapter 23 Vocabulary aggregate demand curve - a curve showing combinations of real GDP and the price level that make desired aggregate expenditure equal to actual national income aggregate demand shock – any shift in the aggregate demand curve aggregate supply – curve showing the relation between price level and quantity of aggregate output supplied, for given technology and factor prices unit cost – cost per unit of output, equal to total cost divided by output aggregate supply shock – any shift in the aggregate supply curve caused by an exogenous force Chapter 24 Phillips curve – originally, a relationship between unemployment rate and rate of change of mon
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