These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute. !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Lecture!9!Outline(of(Last(Lecture((I. Unemployment!II. Unemployment!Rate!III. Labor!Force!IV. Production!Possibilities!Curve!V. Long=Term!Unemployment!VI. 4!Ways!to!Define!Unemployment!Outline(of(Current(Lecture((I. Aggregate!Supply!II. Aggregate!Demand!III. Market!Supply!IV. Market!Demand!V. Business!Cycle!a. Four!Stages!Current(Lecture!1. Aggregate!Supply:!The!total!supply!of!goods!and!services!that!firms!in!a!national!economy!plan!on!selling!during!a!specific!time!period.!2. Aggregate!Demand:!The!total!demand!for!final!goods!and!services!in!an!economy!at!a!given!time.!a. Graph!of!Aggregate!Supply!and!Demand!!! Supply!Slide!=!Cost!Push!(AS!to!AS2)!! Demand!Slide!=!Demand!Pull!(AD!to!AD1)!3. Market!Supply:!The!total!supply!of!every!seller!willing!and!able!to!sell!a!good.!4. Market!Demand:!The!total!of!what!everybody!in!the!market!wants.!!!((((((ECON(104(((11th(Edition(! !5. Business!Cycle:!Describes!the!phases!of!growth!and!decline!in!an!economy.!a. The!Four!Stages!i. Contraction![=!Economy!slows!down]!ii. Trough![=!Recession]!iii. Expansion![=!Growth]!iv. Peak![=!Inflation]!b.
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