Understanding The Economics Of Business

I’m trying to study for my Management course and I need some help to understand this question.

1. 1200 words total. 3 APA cited references and reference list. No plagiarism!
In a narrative essay demonstrate your understanding of the macro economy by:

  • Explaining the three reasons the Aggregate Demand (AD) curve is negatively sloped. Include in your explanation the determinants of the AD.
  • Explain the two reasons the Aggregate Supply (AS) curve is positively sloped.
  • Describe the effect on the short-run and long-run AS curve of finding a large oil reserve in South Dakota.
  • Define a recessionary gap and explain the two main causes of a recessionary gap. In your explanation, link a recessionary gap to unemployment.
  • Compare and contrast the short-run and long-run AS curves for both the Classical and Keynesian models. Include in your explanation WHY the AS curves look different in the two different models.
  • Apply the classical and Keynesian models to a sudden increase in government spending in response to a war. Include in your application an explanation of what happens to both prices and GDP.

    2. 250 words total. 2 APA cited references and reference list. No plagiarism!Discuss what is encompassed in the term “information technology”.