Long-Run Aggregate Supply, Recession, and Inflation- Macro Topic 3.4 and 3.5

In this video I explain the most important graph in your macroeconomics class. The aggregate demand and supply model. Make sure that you understand the idea of the long run aggregate supply and how to draw a recessionary gap and inflationary gap. Keep in mind that the "long run" is not a specific amount of time. The long run refers to enough time for resource prices (like wages) to adjust when there is a change in price level.Thanks for watching. Please subscribe. Need help? Check out the Ultimate Review Packet for FREE: https://www.acdcecon.com/review-packet