Second Law of Thermodynamics and entropy: the entropy of the universe constantly increases.
- Subject:
- Biology
- Life Science
- Material Type:
- Lesson
- Provider:
- Khan Academy
- Provider Set:
- Khan Academy
- Author:
- Sal Khan
- Date Added:
- 08/11/2015
Second Law of Thermodynamics and entropy: the entropy of the universe constantly increases.
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The interaction of SRAS and AD determine national income. We can compare that national income to the full employment national income to determine the current phase of the business cycle. An economy is said to be in long-run equilibrium if the short-run equilibrium output is equal to the full employment output.