March 23, 2018 

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Lesson 13: Aggregate Demand | Unit 1: The Concept Page: 3 of 22

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  • How, first and foremost, aggregate demand represents expenditures made by all members of all sectors of our economy.
  • Aggregate demand is one side of the aggregate market (the AD/AS model) that's used to analyze national economic problems such as recessions, unemployment, and inflation, that might plague our economy.
  • How aggregate demand and the aggregate market are related to the circular flow model of the economy.

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The difference between factor payments received from the foreign sector by domestic citizens and factor payments made to foreign citizens for domestic production. Net foreign factor income (NFFI) is the key difference between gross DOMESTIC product and gross NATIONAL product in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. It is also an important difference between NATIONAL income and gross (and net) DOMESTIC product.

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[What's This?]

Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for small children selling products door-to-door.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

-- Elizabeth Stuart Phelps, Writer

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