11-30 Flashcards
1
Q
Part of economics that deals with the economy as a whole
A
Macroeconomics
2
Q
Total value of all goods and services that all firms would produce in a specific period of time at various price levels
A
Aggregate supply
3
Q
Hypothetical curve showing different levels of real GDP that would be produced at various price levels
A
Aggregate supply curve
4
Q
Total value of goods and services demanded at all different price levels
A
Aggregate demand
5
Q
Hypothetical curve showing different levels of real GDP that would be purchased at various price levels
A
Aggregate demand curve
6
Q
Macroeconomic equilibrium
A
Point at which the level of real GDP is consistent with a given price level
