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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&,$
:
#;
%:<
%
7, 
 8$
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 :>(
 ,>
1+ 
Phillips Curve:.#
%
/071
%
/ 

 &

Potential Output as an “Anchor”
$#
8 ;%

# 8 $
%-## $
?@%
Aggregate Demand and Supply Shocks
Expansionary AD Shocks
! "'7 
'071 '(A4%
4'', 

oB, 
 


7 
-, 
( 071>
o."
##
, #C
 
$<071
 
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