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REAL GROSS DOMESTIC PRODUCT: The total market value, measured in constant prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that real gross domestic product is measured in constant prices, the prices for a specific base year. Real gross domestic product, also termed constant gross domestic product, adjusts gross domestic product for inflation. You might want to compare real gross domestic product with the related term nominal gross domestic product.

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Lesson 13: Aggregate Demand | Unit 5: Policies Plus Page: 21 of 22

Topic: Policies <=PAGE BACK | PAGE NEXT=>

The federal government can exert a great deal of control over the aggregate demand curve through government policies. This control of aggregate demand is called demand-management policies.
  • Government use of purchases and taxes to affect aggregate demand is termed fiscal policy.
    • Government can influence aggregate demand directly through government purchases.
    • Government can also indirectly alter aggregate demand through taxes that affect household consumption and business investment.
  • Government also changes the interest rate through monetary policy with the goal of affecting consumption and investment.

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AGGREGATE DEMAND INCREASE, LONG-RUN AGGREGATE MARKET

A shock to the long-run aggregate market caused by an increase in aggregate demand resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.

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