Assignment in Macecon:

Aggregate Demand:
is the total amount of goods and services demanded in the economy at a given overall price level
and in a given time period. It is represented by the aggregate-demand curve, which describes the
relationship between price levels and the quantity of output that firms are willing to provide.
is the relationship between the economys price level and aggregate output demanded, with other
things constant.
Aggregate Supply:
is defined as the total amount of goods and services (real output) produced and supplied by an
economys firms over a period of time. It includes the supply of a number of types of goods and
services including private consumer goods, capital goods, public and merit goods and goods for
overseas markets.
is the relationship between the price level in the economy and the aggregate output firms are
willing and able to supply, with other things constant.
Aggregate Output:
is the composite measure of all final goods and services produces in an economy during a given
period.
is another term for gross domestic product (GDP). It's the total value of goods and services
produced in an economy and is usually measured during a fiscal year.
is the total amount of output produced and supplied in the economy in a given period.
Aggregate Income:
is the total amount of income received by all factors of production in an economy in a given
period.
refers to the total amount of all income earned in an economy within a given period of time. This
basis is one way to estimate, or determine, the gross domestic product.