Aggregate demand is the total demand for final goods and services in an economy at a given time and price level. It is the sum of consumption, investment, government spending, and net exports. The aggregate demand curve slopes downward, showing that as price levels increase, aggregate output decreases. Aggregate supply is the total supply of goods and services in an economy. In the short run, the aggregate supply curve slopes upward as firms are slow to adjust prices and wages. In the long run, as costs fully adjust, the aggregate supply curve becomes vertical at the natural level of output. Keynesian economics emphasizes that economies may fail to reach full employment without government intervention, due to sticky wages and prices and a tendency for increased savings to reduce
The classical doctrine—that the economy is always at or near the natural level of real GDP (full employment)—is based on two firmly held beliefs:
The assumption of the full employment of labour and other productive resources
Belief that prices, wages, and interest rates are flexible.
Keynesian Theory
The interconnected characteristics of a market, such as the number and relative strength of buyers and sellers and degree of collusion among them, level and forms of competition, extent of product differentiation, and ease of entry into and exit from the market.Four basic types of market structure are (1) Perfect competition: many buyers and sellers, none being able to influence prices. (2) Oligopoly: several large sellers who have some control over the prices. (3) Monopoly: single seller with considerable control over supply and prices. (4) Monopsony: single buyer with considerable control over demand and prices.
Students should be able to:
Understand the characteristics of this market structure with particular reference to the interdependence of firms
Explain the behaviour of firms in this market structure
Explain reasons for collusive and non-collusive behaviour
Evaluate the reasons why firms may wish to pursue both overt and tacit collusion
Trade policies in developing countries have been central to the analysis of international development economists over the past decades. The desire for rapid economic growth in developing countries has raised many questions about the relationship between trade and growth. This PPT examines the fact that the policies adopted in many developing countries have often been very different from those emanating from rational allocation models and have provided researchers/ students with a wide scope for analyzing their effects.
This short revision video provides an overview of three forms of imperfect competition, namely monopoly, oligopoly and imperfect competition. It considers too the likely impact of each market structure on allocative, productive and dynamic efficiency.
Based on the idea of the need for state regulation of the economy. No more self-adjustments
For the prosperity of the economy:
All have to spend as much money as possible;
The state should stimulate aggregate demand growth even by the budget deficit, debt and unsecured issue of money.
The classical doctrine—that the economy is always at or near the natural level of real GDP (full employment)—is based on two firmly held beliefs:
The assumption of the full employment of labour and other productive resources
Belief that prices, wages, and interest rates are flexible.
Keynesian Theory
The interconnected characteristics of a market, such as the number and relative strength of buyers and sellers and degree of collusion among them, level and forms of competition, extent of product differentiation, and ease of entry into and exit from the market.Four basic types of market structure are (1) Perfect competition: many buyers and sellers, none being able to influence prices. (2) Oligopoly: several large sellers who have some control over the prices. (3) Monopoly: single seller with considerable control over supply and prices. (4) Monopsony: single buyer with considerable control over demand and prices.
Students should be able to:
Understand the characteristics of this market structure with particular reference to the interdependence of firms
Explain the behaviour of firms in this market structure
Explain reasons for collusive and non-collusive behaviour
Evaluate the reasons why firms may wish to pursue both overt and tacit collusion
Trade policies in developing countries have been central to the analysis of international development economists over the past decades. The desire for rapid economic growth in developing countries has raised many questions about the relationship between trade and growth. This PPT examines the fact that the policies adopted in many developing countries have often been very different from those emanating from rational allocation models and have provided researchers/ students with a wide scope for analyzing their effects.
This short revision video provides an overview of three forms of imperfect competition, namely monopoly, oligopoly and imperfect competition. It considers too the likely impact of each market structure on allocative, productive and dynamic efficiency.
Based on the idea of the need for state regulation of the economy. No more self-adjustments
For the prosperity of the economy:
All have to spend as much money as possible;
The state should stimulate aggregate demand growth even by the budget deficit, debt and unsecured issue of money.
Class Lecture Notes Measuring the MacroeconomyProfessor Shari Lyman,.docxmccormicknadine86
Class Lecture Notes Measuring the MacroeconomyProfessor Shari Lyman, Ph.D.
GDP Measures
GDP is Gross Domestic Product
GDP is the value of all final goods and services produced within a country’s borders by its own citizens or foreign citizens in a given time period.
GNP is Gross National Product
GNP is the value of all final goods and services produced by a country’s citizens within the country’s borders or in foreign lands in a given time period. http://www.diffen.com/difference/GDP_vs_GNP
Intermediate goods are used to produce other goods. For example, when Pizza Hut buys cheese to produce pizzas, the cheese is an intermediate good.
Final goods are purchased by the end user. When the Lyman household purchases cheese, the cheese is a final good.
GDP is represented by the variable Y in macroeconomic calculations.
The formula for GDP is:
Y=Consumption(C)+Investment(I)+Government Expenditures(G)+Net Exports(X-M).
Consumption (durable and non-durable goods and services for individual household consumption)
Investment (Consumption of new physical capital and new housing such as factories, machines, tools, transportation systems, new houses, etc.) Investment is purchased using financial capital instruments.
Government expenditures (all Federal, State, and Local government purchases from paper clips to aircraft carriers).
Net Exports (Trade Balance=Exports-Imports)
Macroeconomic Measures introduces the student to 3 different methods of measuring GDP:
1.the incomes approach (simplified circular flow model-resource flow approach)
2.the expenditures approach (simplified circular flow model (D) money flow approach)
3.the output approach (simplified circular flow model (S) product flow approach).
Incomes Approach (Input/resource approach)
GDP (also known as national income which is indicated by Y) is equal to the inputs used in the production process. The inputs include:
land in the form of rent
labor in the form of wages
capital in the form of interest
entrepreneurship in the form of profit.
Y = rent + wages + interest + profit.
Expenditures Approach (Demand side approach)
GDP (also known as aggregate demand (AD) which is indicated by Y) is equal to the total output demanded in the economy. The outputs include:
consumption
investment
government expenditures
net exports
Y=Consumption(C)+Investment(I)+Government Expenditures(G)+Net Exports(X-M)
Output Approach (Supply side approach)
GDP (also known as national output which is indicated by Y) is equal to the outputs supplied to the economy. The outputs include:
household goods (durable and nondurable goods and services)
investment goods (new housing and capital)
government (durable and nondurable goods and services)
net exports (goods for export minus goods imported)
Y = Household (C) + Firm and HH (I) + (G) + Net Exports (X-M)
The Keynesian Consumption (Spending) Multiplier
The Keynesian Consumption Multiplier is based on the assumption that for each additional dollar a household receives some ...
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Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
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17. AGGREGATE-DEMAND In economics aggregate demand is the total demand for final goods and services in the economy at a given time and price level. Aggregate demand is the gross domestic product of a country when inventory levels are static.
18. Aggregate Demand The sum of all expenditure in the economy over a period of time Macro concept – WHOLE economy Formula: AD = C+I+G+(X-M) C= Consumption Spending I = Investment Spending G = Government Spending (X-M) = difference between spending on imports and receipts from exports (Balance of Payments)
23. Import Spending (negative) Goods and services bought from abroad – represents an outflow of funds from the country (reduces AD)
24. Export Earnings (Positive) Goods and services sold abroad – represents a flow of funds into the country (raises AD)
25. Aggregate Demand Curve The aggregate demand (AD) curve is a curve that shows the negative relationship between aggregate output (income) and the price level
26. Deriving the Aggregate Demand Curve To derive the aggregate demand curve, we examine what happens to aggregate output (income) (Y) when the price level (P) changes, assuming no changes in government spending (G), net taxes (T), or the monetary policy variable (Ms).
27. Deriving the Aggregate Demand Curve The AD curve is not a market demand curve, and it is not the sum of all market demand curves in the economy. It is a more complex concept.
28. Aggregate Demand Curve Aggregate demand falls when the price level increases because the higher price level causes the demand for money to rise, which causes the interest rate to rise. It is the higher interest rate that causes aggregate output to fall. At all points along the AD curve, both the goods market and the money market are in equilibrium.
29. Reasons why AD is downward sloping The consumption link: The decrease in consumption brought about by an increase in the interest rate contributes to the overall decrease in output. The real wealth effect, or real balance, effect: When the price level rises, there is a decrease in consumption brought about by a change in real wealth.
30. Shifts in AD Changes in Governmental Policies Changes in Monetary Policy Changes in Expectations of Households and Firms
42. Factors That Shift the Aggregate Supply Curve Shifts to the LeftDecreases in Aggregate Supply Shifts to the RightIncreases in Aggregate Supply Higher costshigher input prices higher wage rates Lower costs lower input prices lower wage rates Stagnationcapital deterioration Economic growth more capital more labor technological change Public policywaste and inefficiency over-regulation Public policysupply-side policies tax cuts deregulation Bad weather, natural disasters, destruction from wars Good weather Shifts of the Short-RunAggregate Supply Curve
48. Classical Economics Popularly accepted theory prior to the Great Depression of the 1930s. Says the economy will automatically adjust to full employment. Classical economics is mainly based upon: Barter economy Supply creates its own demand in a macro economy. Wages and prices are flexible and increase or decrease to ensure that the economy operates at full employment. Savings always equals investment, because changes in the interest rate bring savings and investment into equality.
49.
50. Keynesian Economics Based on the work of John Maynard Keynes, who focused on the role of aggregate spending in determining the level of macroeconomic activity. Introduced the idea that a macro economy seeks an equilibrium output level. Keynesian theories - The labour market The market for loanable funds (money market) The Multiplier Keynesian inflation theory
51.
52.
53. Firms would be even less inclined to invest because they would find the demand for their products decreasing.MULTIPLIER EFFECT-