Macro Unit 3 Summary- Aggregate Demand/Supply and Fiscal Policy

This video provides an overview of macroeconomics, focusing on aggregate demand and supply, the Phillips curve, and fiscal policy. It explains GDP components, the short and long-run aggregate supply curves, and the inverse relationship between inflation and unemployment. The video also covers fiscal policy basics, including spending and taxes, and offers tips for AP economics exam preparation.

Describe the concept of fiscal policy and its two main components.

What is the spending multiplier and how does it affect the economy?