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Chapter 10 Notes

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Chapter 10 Notes taught by Stella Hangfu in Semester 1, 2013, University of Sydney

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3 Pages Partial Study Notes > 2 Years old
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Chapter 10 Notes
Topics this document covers:
Technology Law Labor Business Gross domestic product Economic theories Economics Macroeconomics Microeconomics Economic growth Productivity Capital Capital accumulation Human capital Factors of production
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Topics this document covers:
Technology Law Labor Business Gross domestic product Economic theories Economics Macroeconomics Microeconomics Economic growth Productivity Capital Capital accumulation Human capital Factors of production
Sample Text:
e. when prices do adjust), we need to account for inflation’s impact on AD In the long-run, economy returns to its potential level of output- this self-correcting tendency has important implications for the effect AD has on economy: AD changes are responsible for shortterm fluctuations around the economy’s potential level of GDP. Changes in AD do not affect the level of potential GDP in the long-run Economic growth involves a rightward shift in the economy’s LRAS curve over time – increase in economy’s potential output 10.2 Growth Rates and Difference in Living Standards Small changes in growth rates can, over time, accumulate to give very different outcomes for per capita living standards Small differences in growth rates c...
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