Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
- Identify the appropriate fiscal policy needed to return an economy to equilibrium when it is
experiencing an inflationary or a recessionary gap
- Discuss the multiplier effect and how that effect will eventually close a GDP gap
- Walk through how changes in government spending or tax policy will alter income levels and
set off a chain of events that correct economic conditions through changes in aggregate
demand
- Investigate how expansionary and contractionary fiscal policy affect economic indicators,
including price level, Real GDP, the unemployment rate, standard of living, income and
consumption levels, and net exports
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