3.5 Equilibrium in the Aggregate Demand-Aggregate Supply (AS-AS) Model
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Last updated 3:46 PM on 3/7/25
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4 Terms
1
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Inflationary Gap (Positive Output Gap)
output is high and unemployment is less than NRU
2
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Recessionary Gap (Negative Output Gap0
output low and unemployment is greater than NRU
3
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Economy can only be one of the places at any time
negative output gap
full employment
positive output gap
4
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AD and AS models shows..-
economy at full employment output
Note 
Flashcards (106)