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- Aggregate demand and aggregate supply curvesKey points Aggregate supply is the total quantity of output firms will produce and sell—in other words, the real GDP. The upward-sloping aggregate supply curve—also known as the short run aggregate supply curve—shows the positive relationship between price level and real GDP in the short run. The aggregate supply curve slopes up because...0 Comments 0 Shares 4547 Views 0 Reviews
- Aggregate demand in Keynesian analysisKey points Aggregate demand is the sum of four components: consumption, investment, government spending, and net exports. Consumption can change for a number of reasons, including movements in income, taxes, expectations about future income, and changes in wealth levels. Investment can change in response to its expected profitability, which in turn is shaped by...0 Comments 0 Shares 5042 Views 0 Reviews
- Aggregate demand in Keynesian analysisKey points Aggregate demand is the sum of four components: consumption, investment, government spending, and net exports. Consumption can change for a number of reasons, including movements in income, taxes, expectations about future income, and changes in wealth levels. Investment can change in response to its expected profitability, which in turn is shaped by...0 Comments 0 Shares 6039 Views 0 Reviews
- Interpreting the aggregate demand/aggregate supply modelKey points The aggregate demand/aggregate supply model is a model that shows what determines total supply or total demand for the economy and how total demand and total supply interact at the macroeconomic level. Aggregate supply is the total quantity of output firms will produce and sell—in other words, the real GDP. Aggregate demand is the...0 Comments 0 Shares 4262 Views 0 Reviews
- Interpreting the aggregate demand/aggregate supply modelKey points The aggregate demand/aggregate supply model is a model that shows what determines total supply or total demand for the economy and how total demand and total supply interact at the macroeconomic level. Aggregate supply is the total quantity of output firms will produce and sell—in other words, the real GDP. Aggregate demand is the...0 Comments 0 Shares 3475 Views 0 Reviews
- Shifts in aggregate demandKey points The aggregate demand/aggregate supply model is a model that shows what determines total supply or total demand for the economy and how total demand and total supply interact at the macroeconomic level. The aggregate demand curve, or AD curve, shifts to the right as the components of aggregate demand—consumption spending, investment spending,...0 Comments 0 Shares 3304 Views 0 Reviews
- Shifts in aggregate supplyKey points The aggregate demand/aggregate supply model is a model that shows what determines total supply or total demand for the economy and how total demand and total supply interact at the macroeconomic level. Movements of either the aggregate supply or aggregate demand curve in an AD/AS diagram will result in a different equilibrium output and price level....0 Comments 0 Shares 3441 Views 0 Reviews
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