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AMERICAN ECONOMIC ASSOCIATION: An organization of over 25,000 professional economists. Founded in 1885, this premier top-of-the-economic-association-list publishes the prestigious American Economic Review, arguably THE number one scholarly U.S. economic journal and the Journal of Economic Literature, arguably THE number one index of economic journal publications. The AEA, as acronymically inclined economists call it, also sponsors an annual conference where professional economists present scholarly papers on their latest scholarly research.

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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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TRANSFER PAYMENTS

Payments made without any corresponding production or expectations of production. Unless otherwise noted (such as business transfer payments), the term transfer payments generally refers to payments by the government sector to the household sector. The three most important transfer payments are for Social Security, unemployment compensation, and welfare. The intent of these transfers payments is to redistribute income, and thus the goods and services that can be purchased with the income. Transfer payments surface as income received but not earned (IRBNE) that is added to national income to derived personal income.

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