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A HL Economics 2024/2025 > Macroeconomic Equilibrium > Flashcards

Macroeconomic Equilibrium Flashcards

1
Q

Short run equilibrium

A

AD = SRAS

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2
Q

Long run equilibrium new classical/monetarists

A

AD=LRAS

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3
Q

New classical view of AD/PL

A

Economy will always be at its full employment level and changes in AD will result in PL changing only

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4
Q

Keynesian perspective of equlibrium

A

It can occur at different price levels. Changes in AD determine output

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A HL Economics 2024/2025 (18 decks)

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