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Full Employment Model: Goods, Labor, and Capital Markets, Exams of Economics

University of California-Santa Cruz Economics

The full employment model in an economics course, discussing the key markets in a closed economy - the goods, labor, and capital markets. It explains how these markets balance over the medium to long term to maintain full employment, and how aggregate demand must equal full employment output. The document also explores the implications of changes in spending, saving, and labor supply on the economy.

Typology: Exams

Pre 2010

Uploaded on 08/19/2009

koofers-user-750 🇺🇸

10 documents

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Download Full Employment Model: Goods, Labor, and Capital Markets and more Exams Economics in PDF only on Docsity! 1 Econ 2: Announcements and outline Announcements Test 1 on Friday. Covers chapters 1-2, 4-6 and pages 76-80 of chapter 3. Lecture outline The full employment model The labor and credit markets Spring 20091 The three key markets in the closed economy The goods market Demand – decisions by households, firms, and the government over how much to purchase Supply – decisions by firms over how much to produce The labor market Demand – decisions by firms over how many workers to employ Supply – decisions by households over how much to work The capital market Demand – decisions by households, firms, and government over how much to borrow Supply – decisions by households, firms and government over how much to save The full employment model Over the medium to long term, market economies maintain full employment. All three markets (goods, labor, and capital) balance. What is the medium to long term? Long enough for wages to adjust to fully adjust to changes in labor supply and demand. Think of a 3-5 year horizon

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