
- Material Type:
- Full Course
- Provider:
- Rice University
- Provider Set:
- OpenStax College
- Date Added:
- 06/29/2017
In this chapter, you will learn about:
Macroeconomic Perspectives on Demand and Supply
Building a Model of Aggregate Demand and Aggregate Supply
Shifts in Aggregate Supply
Shifts in Aggregate Demand
How the AD/AS Model Incorporates Growth, Unemployment, and Inflation
Keynes’ Law and Say’s Law in the AD/AS Model
By the end of this section, you will be able to:
Explain how productivity growth changes the aggregate supply curve
Explain how changes in input prices change the aggregate supply curve
By the end of this section, you will be able to:
Explain the Phillips curve, noting its impact on the theories of Keynesian economics
Graph a Phillips curve
Identify factors that cause the instability of the Phillips curve
Analyze the Keynesian policy for reducing unemployment and inflation
By the end of this section, you will be able to:
Explain the factors responsible for Richard Nixon’s election in 1968
Describe the splintering of the Democratic Party in 1968
Discuss Richard Nixon’s economic policies
Discuss the major successes of Richard Nixon’s foreign policy