a) aggregate demand

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6 Terms

1
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  • define aggregate demand

  • total demand for all goods and services in an economy at any given average price level

2
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  • state the formula for aggregate demand

  • AD = C + I + G + (X - M)

  • aggregate demand = consumption + investment + government spending + net exports

3
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  • define consumption

  • total spending on goods and services by consumers

4
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  • define investment

  • total spending on capital goods by firms

5
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  • define government spending

  • total spending on the economy by the government

6
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  • define net exports

  • difference between revenue from exports and expenditure on imports