Macroeconomics - the story so far (from G11) -

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Presentation transcript:

Macroeconomics - the story so far (from G11) - What do you remember?

Review Keynesian GDP, real GDP, GDP growth (OR GNI) Macroeconomic outcomes and level of economic activities GDP, real GDP, GDP growth (OR GNI) unemployment rate/level, Inflation/deflation AD-AS Model Two schools of thought - New Classical/Monetarist Keynesian

Nominal vs Real (in Japan)

AS = function(Labor, Land, Capital, Entrepreneurs) = function (COSTS) The basic AD/AS model AD = C + I + G + NX (X – M) AS = function(Labor, Land, Capital, Entrepreneurs) = function (COSTS)  exercise on Introduction Handout

The Two Macroeconomic Schools of Thought Handout 1+ exercises

Handout 1+ exercises Make sure that you work through the exercises on Pages 4) and 5) in order to derive the formula. Carry out the review of understanding on Page 6) Work through the formative worksheets on pages 7)-12) Then you will have mastered the multiplier!