econ

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6 Terms

1
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Money 3 purposes

unit of account, medium of exchange, store of value

2
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Aggregate Demand slopes down because

Real Wealth Effect, Interest Rate Effect, Exchange Rate Effect

3
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Multiplier Effect

1/1-MPC

4
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AS Curves

Short Run: Upward slope (sticky wages/prices), Long Run: Vertical

5
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Quantity Theory of Money

MV=PY

6
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Velocity of Money

V=PY/M