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GOALS: Five basic conditions of the economy that are generally desired by society. They are typically divided into macro goals (full employment, stability and growth) and micro goals (efficiency and equity).

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Lesson 13: Aggregate Demand | Unit 1: The Concept Page: 1 of 22

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In this lesson we take a look at the demand side of the aggregate market (AD/AS analysis)--aggregate demand.

A definition:

Aggregate Demand is the aggregate or total expenditure on final goods and services produced in the domestic economy, at a range of price levels, during a given time period (usually a year).

Three points:

  • Expenditures are made by all members of society.
  • Expenditures are made during the year.
  • Expenditures are on the production that people use to satisfy wants and needs.
Aggregate demand is only one side of the aggregate market--the expenditure side--the other side is aggregate supply--the producing side.
  • Expenditures come from the household, business, government, and foreign sectors.
  • Production comes from resources--labor, capital, land, and entrepreneurship.
  • The aggregate market is a model used to analyze the economy's total production and the price level.
  • This analysis, also called AD/AS, lets us understand macroeconomic events, like recessions, inflation, and unemployment.
  • The aggregate market can be used to evaluate the effects of government policies.

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SATISFACTION

The process of successfully fulfilling wants and needs. This also goes by the technical economic term utility, and is essentially synonymous with more common words, such as fulfillment, well-being, and to some degree prosperity or happiness.

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