AOS2 key terms Flashcards
1
Q
Economic activity
A
Refers to behaviour associated with production, consumption and income.
2
Q
Aggregate demand
A
Aggregate demand (AD) is the measure of demand for total finished goods and services to be produced. [in the business sector]
3
Q
Aggregate supply
A
The total value of goods and services produced in an economy, AS is measured in both the long-run and short-run
4
Q
Economic growth
A
An increase in the size of a country’s economy over time
5
Q
Living standards
A
A measure of the quality of someone’s life
