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Chapter 24

# ECON 102 Chapter 24: Study Notes (Self Draw Graphs)

Department
Economics
Course Code
ECON 102
Professor
Robert Gateman
Chapter
24

This preview shows pages 1-3. to view the full 12 pages of the document.
CHAPTER 24: FROM THE SHORT RUN TO
THE LONG RUN
The Adjustment of Factor Prices

 
 

Long Run

 
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The Adjustment Process
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%
Potential Output and the Output Gap
 &'
 &'(
Factor Prices and the Output Gap
 &(#
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8 0718
7&,\$
:
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 :>(
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1+ 
Phillips Curve:.#
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Potential Output as an “Anchor”
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Aggregate Demand and Supply Shocks
Expansionary AD Shocks
! "'7 
'071 '(A4%
4'', 
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oB, 
 
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( 071>
o."
##
, #C
 
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