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Social Sci LibreTexts

24: Aggregate Demand and Supply

  • Boundless
  • Boundless

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  • 24.1: Introducing Aggregate Expenditure
    Aggregate expenditure is the current value of all the finished goods and services in the economy.
  • 24.2: Introducing Aggregate Demand and Aggregate Supply
    In the short run, output fluctuates with shifts in either aggregate supply or aggregate demand; in the long run, only aggregate supply affects output.
  • 24.3: Aggregate Demand
    Aggregate demand (AD) is defined as the total demand for final goods and services in a given economy at a specific time. Unlike other illustrations of demand, it is inclusive of all amounts of the product or service purchased at any possible price level. Simply put, AD is the sum of all demand in an economy. It is often called the effective demand or aggregate expenditure (AE), and is the demand of all gross domestic product (GDP).
  • 24.4: Aggregate Supply
    Aggregate supply is the total supply of goods and services that firms in a national economy plan to sell during a specific time period.
  • 24.5: The Aggregate Demand-Supply Model
    In economics, the macroeconomic equilibrium is a state where aggregate supply equals aggregate demand.


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