Macro Ch - 2
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14 Terms
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Aggregate demand
Refers to the total value of demand for all goods and services in an economy by all stakeholders at different price levels over a time period.
AD = C + I + G + (X-M)
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What relationship does AD curve show
shows the relationship between the general price level and real GDP of an economy.
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General Price level
The general price level is the average price of all goods and services in an economy.
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Real GDP
Real GDP shows the total value of output of final goods and services in an economy.
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Real GDP vs AD
Real GDP is a specific point on the AD curve at a specific price level
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