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Aggregate Supply and Aggregate Demand
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  • Course
  • Macroeconomics
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  • Macroeconomics
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  • Principles of Economics

defination of aggregate demand and aggregate supply difference b/w aggregate demand and supply explanation in the form of long term and short term aggregate demand in the long run aggregate demand in the short run aggregate demand in the immediate run aggregate supply in the long run agg...

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  • January 5, 2023
  • 34
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

  • aggregate supply and demand macroeconomics
  • aggregate supply and demand model
  • difference between aggregate supply and demand
  • aggregate supply and demand shifters
  • aggregate demand and aggregate supply n

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,Aggregate demand
 Aggregate demand is a schedule or curve that shows
the various amounts of real domestic output that
domestic and foreign buyers collectively will desire to
purchase at each possible price level.
 It shows an inverse relationship between price level
and real domestic output.
 When the price level rises, the quantity of real GDP
demanded decreases, and vice versa.

,The Aggregate Demand Curve

, Inverse relationship between
price level and real output
Real balances effect:
 When price level falls (rises), the purchasing power of
existing financial balances [accumulated savings
balance] rises (falls), which can increase (decrease)
spending.
 e.g., a higher prices level erodes/destroy the purchasing
power of savings accounts or bonds, the public is
poorer in real terms and will reduce its spending.

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