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question 97

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Understand the concepts of supply and demand as explained by Say’s Law and how it contrasts with Keynesian views.

Analyze the effects of changes in the interest rates on savings and investments as per classical and Keynesian perspectives.

Understand the historical context and impact of the Great Depression on economic thought.

Evaluate the implications of Keynesian and classical theories on employment and price flexibility.

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Definitions:

George Miller

A cognitive psychologist best known for his work on the capacity of human memory and the theory that short-term memory is limited to about seven items.

Cowan

A surname of likely British origin, but without a clear definition of its significance in a specific field without further context.

Dual-Coding Theory

A theory of cognition proposing that visual and verbal information are processed differently and along distinct channels in the human mind, enhancing learning.

Semantic Codes

In psychology and cognitive science, it refers to the process of encoding information into memory, focusing on the meaning of the information.