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Textbook Notes for Kenneth Ragan

MCGILLECON 295Kenneth RaganWinter

ECON 295 Chapter 23: Chapter 23 notes.docx

OC3908376 Page
9 Jan 2015
0
The ae curve shifts in response to a change in the price level. Change in price level affects desired consumption expenditure and desired net exports:
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MCGILLECON 295Kenneth RaganWinter

ECON 295 Chapter 25: Chapter 25.docx

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9 Jan 2015
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MCGILLECON 295Kenneth RaganWinter

ECON 295 Chapter 26: Chapter 26 notes.docx

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9 Jan 2015
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Economic growth: sustained, long-run increases in the level of gdp. This chapter will discuss three aspects of economic growth real gdp, real per capit
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MCGILLECON 295Kenneth RaganWinter

ECON 295 Chapter 25: Chapter 25 notes.docx

OC3908373 Page
9 Jan 2015
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Changes in money supply do not change the level of potential output, y . In the short run, we say that money is not neutral, as changes in money supply
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MCGILLECON 295Kenneth RaganWinter

ECON 295 Chapter 19: Chapter 19.docx

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9 Jan 2015
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Macroeconomics is the study of how the economy behaves in broad outline without dwelling on much of the detail that occurs in markets for individual pr
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MCGILLECON 295Kenneth RaganWinter

ECON 295 Chapter 24: Chapter 24 notes.docx

OC3908376 Page
9 Jan 2015
0
From the short-run to the long run: the adjustment of factor prices. B)factor prices and the output gap: output above potential, Because firms are prod
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MCGILLECON 295Kenneth RaganWinter

ECON 295 Chapter 28: Chapter 28 notes.docx

OC3908379 Page
9 Jan 2015
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Economists often simplify the analysis of financial assets by considering only two types of assets non-interest-bearing money and interest-bearing bond
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MCGILLECON 295Kenneth RaganWinter

ECON 295 Chapter 26: Chapter 26.docx

OC3908373 Page
9 Jan 2015
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The three variables in the figure (p638), show different aspects of economic growth, a term that economists usually reserve for describing sustained or
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MCGILLECON 295Kenneth RaganWinter

ECON 295 Chapter 27: Chapter 27 notes.docx

OC3908379 Page
9 Jan 2015
0
Medium of exchange: anything that is generally acceptable in return for goods and services sold: money as a medium of exchange. Barter: a system in whi
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MCGILLECON 295Kenneth RaganWinter

ECON 295 Chapter 23: Chapter 23.docx

OC3908372 Page
9 Jan 2015
0
The demand side of the economy: changes in the price level. The ae curve shifts in response to a change in the price level. This is because price level
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MCGILLECON 295Kenneth RaganWinter

ECON 295 Chapter 19: Chapter 19 notes.docx

OC3908374 Page
9 Jan 2015
0
Nominal (current-dollar) national income: total national income measured in current dollars: aggregating total output. A change in this measure can be
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MCGILLECON 295Kenneth RaganWinter

ECON 295 Chapter 24: Chapter 24.docx

OC3908372 Page
9 Jan 2015
0
The adjustment process: potential output and output gap. Recall that potential output is the total output that can be produced when all productive reso
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