By the end of this section, you will be able to: Analyze …
By the end of this section, you will be able to:
Analyze GDP per capita as a measure of the diversity of international standards of living Identify what classifies a country as low-income, middle-income, or high-income Explain how geography, demographics, industry structure, and economic institutions influence standards of living
By the end of this section, you will be able to: Explain …
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
By the end of this section, you will be able to: Use …
By the end of this section, you will be able to:
Use the aggregate demand/aggregate supply model to show periods of economic growth and recession Explain how unemployment and inflation impact the aggregate demand/aggregate supply model Evaluate the importance of the aggregate demand/aggregate supply model
In this chapter, you will learn about: Macroeconomic Perspectives on Demand and …
In this chapter, you will learn about: Macroeconomic Perspectives on Demand and Supply Building a Model of Aggregate Demand and Aggregate Supply Shifts in Aggregate Supply Shifts in Aggregate Demand How the AD/AS Model Incorporates Growth, Unemployment, and Inflation Keynes’ Law and Say’s Law in the AD/AS Model
By the end of this section, you will be able to: Identify …
By the end of this section, you will be able to:
Identify the neoclassical zone, the intermediate zone, and the Keynesian zone in the aggregate demand/aggregate supply model Use an aggregate demand/aggregate supply model as a diagnostic test to understand the current state of the economy
By the end of this section, you will be able to: Explain …
By the end of this section, you will be able to:
Explain how imports influence aggregate demand Identify ways in which business confidence and consumer confidence can affect aggregate demand Explain how government policy can change aggregate demand Evaluate why economists disagree on the topic of tax cuts
By the end of this section, you will be able to: Explain …
By the end of this section, you will be able to:
Explain real GDP, recessionary gaps, and inflationary gaps Recognize the Keynesian AD/AS model Identify the determining factors of both consumption expenditure and investment expenditure Analyze the factors that determine government spending and net exports
By the end of this section, you will be able to: Evaluate …
By the end of this section, you will be able to:
Evaluate the Keynesian view of recessions through an understanding of sticky wages and prices and the importance of aggregate demand Explain the coordination argument, menu costs, and macroeconomic externality Analyze the impact of the expenditure multiplier
By the end of this section, you will be able to: Explain …
By the end of this section, you will be able to:
Explain the Phillips curve, noting its impact on the theories of Keynesian economics Graph a Phillips curve Identify factors that cause the instability of the Phillips curve Analyze the Keynesian policy for reducing unemployment and inflation
By the end of this section, you will be able to: Evaluate …
By the end of this section, you will be able to:
Evaluate how neoclassical economists and Keynesian economists react to recessions Analyze the interrelationship between the neoclassical and Keynesian economic models
By the end of this section, you will be able to: Explain …
By the end of this section, you will be able to:
Explain the importance of potential GDP in the long run Analyze the role of flexible prices Interpret a neoclassical model of aggregate demand and aggregate supply Evaluate different ways for measuring the speed of macroeconomic adjustment
By the end of this section, you will be able to: Discuss …
By the end of this section, you will be able to:
Discuss why and how economists measure inflation expectations Analyze the impacts of fiscal and monetary policy on aggregate supply and aggregate demand Explain the neoclassical Phillips curve, noting its tradeoff between inflation and unemployment Identify clear distinctions between neoclassical economics and Keynesian economics
Welcome to 6.041/6.431, a subject on the modeling and analysis of random …
Welcome to 6.041/6.431, a subject on the modeling and analysis of random phenomena and processes, including the basics of statistical inference. Nowadays, there is broad consensus that the ability to think probabilistically is a fundamental component of scientific literacy. For example: The concept of statistical significance (to be touched upon at the end of this course) is considered by the Financial Times as one of "The Ten Things Everyone Should Know About Science". A recent Scientific American article argues that statistical literacy is crucial in making health-related decisions. Finally, an article in the New York Times identifies statistical data analysis as an upcoming profession, valuable everywhere, from Google and Netflix to the Office of Management and Budget. The aim of this class is to introduce the relevant models, skills, and tools, by combining mathematics with conceptual understanding and intuition.
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