Describe the key tenants of Keynesian theory and Neoclassical theory by defining the three sections of the short-run aggregate supply curve.

Keynesian & Neoclassical Economics Discussion
This week’s discussion will focus on the two economic schools of thought – Keynesian and Neoclassical. Since there is no single, universally accepted view about either how the economy works or what the appropriate role for government macro policy should be, we will analyze both! You will decide which economic school of thought aligns with your political views.
Assignment Objective
Describe the key tenants of Keynesian theory and Neoclassical theory by defining the three sections of the short-run aggregate supply curve.
Identify the appropriate fiscal policy required during a gap.
Directions
Pick ONE of the three options…
Option 1: Summarize the Macroeconomic Viewpoints video.(https://courses.lumenlearning.com/wmopen-macroeconomics/chapter/keynes-law-and-says-law-in-the-adas-model-2/) Did the video help you understand the economic schools of thought? Explain. (The link is the page in the reading with the video, just scroll towards the bottom of the page to view the video.)
or
Option 2: What are the three zones of the short-run aggregate supply (SRAS) curve? Explain.
or
Option 3: What is expansionary fiscal policy? What gap is the economy experiencing when expansionary fiscal policy is used? What is contractionary fiscal policy? What gap is the economy experiencing when contractionary fiscal policy is used? What type of fiscal policy (expansionary or contractionary) do you think the President and Congress are currently enacting? Explain your reasoning.

NOTE TO WRITER: VIDEO IS IN THE BOTTOM OF THE LINK

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