Mr. Bernstein Macro Graphs Review May 2017

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Presentation transcript:

Mr. Bernstein Macro Graphs Review May 2017 AP Economics Mr. Bernstein Macro Graphs Review May 2017

AP Economics Mr. Bernstein The Production Possibilities Curve

AP Economics Mr. Bernstein Economic Growth Concave due to “Law of increasing opportunity costs”

AP Economics Mr. Bernstein Circular Flow Diagram

AP Economics Mr. Bernstein Expanded Circular Flow Diagram

AP Economics Mr. Bernstein Money Market Assumes fixed MS; Y axis is Nominal Rates Know shifters of MD

AP Economics Mr. Bernstein Loanable Funds Market Supply is upward sloping; Y axis is Real Rates Know shifters of S, D

AP Economics Mr. Bernstein Contractionary Monetary Policy and Rates Fed sells securities, rates rise

AP Economics Mr. Bernstein Contractionary Monetary Policy & the Economy Increases in rates leads to decrease in Investment, AD

AP Economics Mr. Bernstein Long-Run Macroeconomic Equilibrium Returns to LRAS via shift in SRAS

AP Economics Mr. Bernstein Short-Run and Long-Run Effects of Increase in MS Short-run shift in AD offset by shift in SRAS LRAS does not shift; only P increases

AP Economics Mr. Bernstein Short-Run Phillips Curve Tradeoff between inflation and unemployment

AP Economics Mr. Bernstein Long-Run Phillips Curve LRPC = Natural Rate of Unemployment

AP Economics Mr. Bernstein Exchange Rates Labeling: think “bottom/bottom” Current or Capital Acct event will increase demand for a currency, increase the supply for the other Capital Acct inflow increase Supply of Loanable Funds