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Lesson 15: Aggregate Market | Unit 1: The Concept Page: 5 of 22

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The aggregate market is designed to explain the macroeconomy's price level and real production.
  • Aggregate demand is the relation between expenditures on real production and the price level.
  • Aggregate supply is the relation between the supply of real production and the price level--short run and long run.
  • The aggregate market identifies suitable values for the price level and real production that keep the aggregate economy--buyers and sellers--satisfied.
  • The aggregate market helps us to analyze and understand the macroeconomy.
We are primarily concerned with the problems of inflation and unemployment.

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MARKET SUPPLY

The combined supply of everyone willing and able to sell a good in a market. Market supply is one half of the market. The other is market demand. It is graphically represented by a positively-sloped market supply curve, which can be derived by combining, or adding, the individual supplies of every seller in the market.

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Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for poorly written technical manuals.
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