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The document provides background on the Keynesian Cross model, an alternative to the aggregate supply/aggregate demand model for understanding equilibrium in the goods and services market. It discusses how Keynes argued that prices and wages are rigid in the short-run, so the aggregate supply curve may be horizontal, making equilibrium output demand-driven. It introduces concepts needed to understand the Keynesian Cross model, such as dividing time into production periods, planned aggregate expenditure, and

Author

Sanjana Jaggi

Language

EN