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Building a Model of Aggregate Demand and Aggregate Supply

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Instructor Overview

By the end of this section, you will be able to:
  • Explain the aggregate supply curve and how it relates to real GDP and potential GDP
  • Explain the aggregate demand curve and how it is influenced by price levels
  • Interpret the aggregate demand/aggregate supply model
  • Identify the point of equilibrium in the aggregate demand/aggregate supply model
  • Define short run aggregate supply and long run aggregate supply