About This Chapter
How it works:
- Identify which concepts are covered on your aggregate demand and supply homework.
- Find videos on those topics within this chapter.
- Watch fun videos, pausing and reviewing as needed.
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Topics from your homework you'll be able to complete:
- Keynesian model and classical model of the economy
- Supply and demand curves
- Aggregate supply and aggregate demand
- Marginal propensity to consume
- Aggregate supply in the economy
- Sticky wages and prices
- Favorable and unfavorable supply shocks
1. The Keynesian Model and the Classical Model of the Economy
Economists use two basic models to describe economic growth. In this lesson, you'll find out more about each one of these models using real-world examples. So buckle up your seatbelts!
2. Supply and Demand Curves in the Classical Model and Keynesian Model
See how economists illustrate aggregate supply and aggregate demand in the long-term and short-term using the Classical and Keynesian models. This lesson emphasizes the differences in the shape of the aggregate supply curve using these two models.
3. Aggregate Supply and Aggregate Demand (AS-AD) Model
Supply and demand models are useful for examining the behavior of one good or market, but what about looking at a whole economy? Luckily, the aggregate supply and aggregate demand model lets us do just that.
4. Understanding Shifts in Labor Supply and Labor Demand
Find out what the labor supply is and what causes it to change or shift. Learn about labor demand and what causes firms and markets to increase or decrease their demand for labor.
5. Marginal Propensity to Consume: Definition and Formula of the MPC
MPC or MPS, what category is higher when you have extra money? In this lesson, learn about the marginal propensity to consume, one of the most important assumptions underlying fiscal and monetary policy.
6. Government Spending, GDP, and Crowding Out Private Investment
When the government spends more than it earns, it has to borrow money, which has repercussions throughout the economy. In this lesson, learn how government spending can crowd out private investment in the market for loanable funds.
7. Aggregate Supply in the Economy: Definition and Determinants
Learn about one of the fundamental components of economics. Find out what aggregate supply is and seven of the most common areas that influence it in today's economy.
8. Aggregate Supply in the Short Run
Learn about aggregate supply in the short run (SRAS) and what that really means. Find out how the overall price of goods affects quantity supplied in the short run and other key determinants that can increase and decrease aggregate supply in this time period.
9. Sticky Wages and Prices: Effect on Equilibrium
With the help of real-world examples, this lesson explains Keynes' important observation that wages and prices often don't adjust quickly to changes in economic conditions
10. Favorable Supply Shocks & Unfavorable Supply Shocks
In this lesson you'll learn the definitions, causes and effects of the two types of supply shocks in the economy by looking at a fictitious economy as an example.
11. Demand in Economics: Definition & Concept
Have you ever found yourself buying more of an item when it goes on sale, or less of it when the price increases? In this lesson, you will be introduced to one of the main concepts in economics - demand.
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Other chapters within the College Macroeconomics: Homework Help Resource course
- Homework Help for Scarcity, Choice & the Production Possibilities Curve
- Comparative Advantage, Specialization and Exchange: Homework Help
- Demand, Supply and Market Equilibrium: Homework Help
- Measuring the Economy: Homework Help
- Inflation Measurement and Adjustment: Homework Help
- Understanding Unemployment: Homework Help
- Macroeconomic Equilibrium: Homework Help
- Inflation and Unemployment: Homework Help
- Economic Growth and Productivity: Homework Help
- Money, Banking, and Financial Markets: Homework Help
- Central Bank and the Money Supply: Homework Help
- Fiscal and Monetary Policies: Homework Help
- Foreign Exchange and the Balance of Payments: Homework Help
- Inflows, Outflows, and Restrictions: Homework Help