Macroeconomics Definitions.
- Created by: Karimah Shaw
- Created on: 25-05-11 01:55
Fullscreen
- Aggregate Demand: the total demand for final goods and services in the economy at a given time and price level.
- Aggregate Supply: the total supply of goods and services produced by a national economy during a specific time period.
- Equilibrium: For an economy in the short run is established when aggregate demand intersects with short run aggregate supply.
- Circular flow of income: the flow of income between producers and households who buy goods and services. Income moves from households to producers as the households purchase goods and services. Income moves from…
Comments
No comments have yet been made