Please note that you are responsible for all the material covered during the class period and in the assigned chapters in the Please note that you are responsible for all the material covered during the class period and in the assigned chapters in the textbook. These notes are for additional information only and reflect the absolute minimum of what you need to know. The information covered on the quizzes, tests and the final exam will go beyond of what is being covered here. If you have any questions please don't hesitate to contact me. Output, y, is the Total output of the economy 2.
Price level refers to the average of all prices in the economy and is measured by a price index.
This could be referred to as a BOOM economy. The point yp on the graph shows the level of output corresponding to full employment. Definitions of Short Run and Long Run in Macroeconomics 2. Definition of a Recession 3. Keynesian and classical models of the economy Thank you.