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Based on what you know about the Classical Economic School of Thought and the Keynesian Economic School of Thought, fill in the missing portions (1-5) of the chart below on the different perspectives: CLASSICAL ECONOMISTS Output produced is equal to KEYNESIAN ECONOMISTS SAY'S LAW amount demanded. Holds in a 1 money economy. SAVINGS 2 ลง Amount invested is inversely Savings and interest rates may not have a direct relationship. High interest rates may allow people to save less. related to interest rates. INVESTMENT 3 Businesses invest more at lower interest rates. PRICES 4 Inflexible WAGES Flexible 5

Based on what you know about the Classical Economic School of Thought and the Keynesian Economic School of Thought, fill in the missing portions (1-5) of the chart below on the different perspectives: CLASSICAL ECONOMISTS Output produced is equal to KEYNESIAN ECONOMISTS SAY'S LAW amount demanded. Holds in a 1 money economy. SAVINGS 2 ลง Amount invested is inversely Savings and interest rates may not have a direct relationship. High interest rates may allow people to save less. related to interest rates. INVESTMENT 3 Businesses invest more at lower interest rates. PRICES 4 Inflexible WAGES Flexible 5

MACROECONOMICS
MACROECONOMICS
14th Edition
ISBN:9781337794985
Author:Baumol
Publisher:Baumol
Chapter8: Aggregate Demand And The Powerful Consumer
Section: Chapter Questions
Problem 2DQ
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Based on what you know about the Classical Economic School of Thought and the Keynesian Economic School of Thought, fill in the missing portions (1-5) of the chart below on the different perspectives: CLASSICAL ECONOMISTS Output produced is equal to KEYNESIAN ECONOMISTS SAY'S LAW amount demanded. Holds in a 1 money economy. SAVINGS 2 ลง Amount invested is inversely Savings and interest rates may not have a direct relationship. High interest rates may allow people to save less. related to interest rates. INVESTMENT 3 Businesses invest more at lower interest rates. PRICES 4 Inflexible WAGES Flexible 5
Transcribed Image Text:Based on what you know about the Classical Economic School of Thought and the Keynesian Economic School of Thought, fill in the missing portions (1-5) of the chart below on the different perspectives: CLASSICAL ECONOMISTS Output produced is equal to KEYNESIAN ECONOMISTS SAY'S LAW amount demanded. Holds in a 1 money economy. SAVINGS 2 ลง Amount invested is inversely Savings and interest rates may not have a direct relationship. High interest rates may allow people to save less. related to interest rates. INVESTMENT 3 Businesses invest more at lower interest rates. PRICES 4 Inflexible WAGES Flexible 5
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