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

Mr. Clifford introduces aggregate demand and supply, explaining how they meet at equilibrium, affecting GDP and price levels. He discusses demand and supply shocks, using the Great Depression as an example, and introduces stagflation. The video contrasts short-run and long-run economic adjustments, highlighting recessionary and inflationary gaps. It concludes with a discussion on self-correction and government intervention in the economy.

What new insight or understanding did you gain from this video?