Economics (McConnell) AP Edition, 19th EditionChapter 23:
An Introduction to MacroeconomicsThe content of this chapter may be included on the AP* Macroeconomics exam. After reading this chapter, you should be able to: - Interpret how macroeconomics studies both long-run economic growth and short-run fluctuations in output and unemployment.
- Explain why economists focus on GDP, inflation, and unemployment when assessing the health of an entire economy.
- Discuss why sustained increases in living standards are a historically recent phenomenon.
- Identify why saving and investment are key factors in promoting rising living standards.
- Describe why economists believe that "shocks" and "sticky prices" are responsible for short-run fluctuations in output and employment.
AP Chapter 23 Introduction
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