ECON 201 Chapter 9 Flashcards
1
Q
Aggregate Demand (AD)
A
The total quantity of output (real GDP) demanded at alternative price levels in a given time period, ceteris paribus
2
Q
Aggregate Supply
A
The total quantity of output (real GDP) producers are willing and able to supply at alternative price levels in a given time period, ceteris paribus
3
Q
Equilibrium (Macro)
A
The combination of price level and real output that is compatible with both aggregate demand and aggregate supply
4
Q
Consumption
A
Expenditure by consumers on final goods and services
