M10: How the macroeconomy works
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17 Terms
What are the 3 ways to measure new output?
What is the circular flow of income
What are injections and withdrawals made from?
Define aggregate demand
Define reflationary policies
What are the 4 components of AD?
Why is AD downwards sloping?
What are contractions/extentions caused by?
What causes a shift in AD?
Define aggregate supply
Why is SRAS upwards sloping?
What are contractions/extentions caused by?
How is national income found?
What causes a shift in SRAS?
Define LRAS
What makes LRAS different to SRAS?
Why are classical economists against reflationary policies?
What causes a shift in LRAS?
Define economic shock
What are the types of economic shocks?
What determines each component of AD?
Define multiplier
Diagram?
Give its formula
Define MPC and MPS
Give its formula
