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MACROECONOMIC THEORIES: Scientific theories that seek to explain phenomena associated with the macroeconomy. The primary phenomena investigated are unemployment, inflation, and the level of aggregate production. Macroeconomic theories also inevitably provide policy recommendations intended to improve the performance of the economy and to correct macroeconomic problems. A few of the more noted macroeconomic theories are: Classical economics, Keynesian economics, aggregate market (AS-AD) analysis, IS-LM analysis, Monetarism, and New Classical economics.

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Lesson 15: Aggregate Market | Unit 5: Policy Preview Page: 22 of 22

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  • A preview of how the aggregate market is used to analyze government policies.
  • The two alternatives for closing recessionary and inflationary gaps--(1) self correction based on shifts of the automatic SRAS and (2) government policies that induce shifts in the AD, SRAS, and LRAS curves.
  • Questions about the time it takes for the economy to adjust from the short run to the long run.

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PERFECT COMPETITION, CHARACTERISTICS

The four key characteristics of perfect competition are: (1) a large number of small firms, (2) identical products sold by all firms, (3) perfect resource mobility or the freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for a thesaurus filled with typos.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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