Types of Unemployment and Classical Labor Market ModelTITLE Explaining Aggregate Demand, Supply and UnemploymentTITLE Macroeconomic Concepts: AD-AS Model, Unemployment and Labor Markets

Upper Six Unit 2 Module 1 Topic 2

Types of Unemployment ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Classical Model ,[object Object],[object Object],[object Object],[object Object],[object Object]

Quantity of labour Real Wage D L S L Unemployed 0 L2 L1 L3 W/P1 W/P2

Aggregate Demand ,[object Object],[object Object],[object Object]

C+I+G+(X-M) ,[object Object],[object Object],[object Object],[object Object]

AD Curve AD AD Real GDP Price level ,[object Object],[object Object],[object Object],[object Object],[object Object],AD2 AD2 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Aggregate Supply ,[object Object],[object Object],[object Object]

Short run Aggregate Supply ,[object Object],[object Object]

Long run Aggregate Supply ,[object Object],[object Object],[object Object],[object Object]

LRAS (Keynesian) LRAS Q1 Q2 Real GDP Price level 0

LRAS (Classical operating at full capacity) Real GDP Price level Q 0

AD and AS AD AS Q P Real GDP Price level AD1 AS1

Types of Unemployment and Classical Labor Market ModelTITLE Explaining Aggregate Demand, Supply and UnemploymentTITLE Macroeconomic Concepts: AD-AS Model, Unemployment and Labor Markets

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