Abstract
Flowcharts are an invaluable tool for explaining complex mechanisms. They are used in Biology, Chemistry and many other disciplines as a teaching tool, as well as in research. However, flowcharts are hardly used in economics. This paper suggests that flowcharts could supplement graphs and algebra in teaching of economics, especially in undergraduate courses. In order to demonstrate their effectiveness the paper presents a series of flowcharts that describe the IS-LM/AD-AS model. These flowcharts could be used in various undergraduate courses in macroeconomics, as a supplement to the standard IS-LM and AD-AS graphs.
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