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AD: The abbreviation for aggregate demand, which is the total (or aggregate) real expenditures on final goods and services produced in the domestic economy that buyers would willing and able to make at different price levels, during a given time period (usually a year). Aggregate demand (AD) is one half of the aggregate market analysis; the other half is aggregate supply. Aggregate demand, relates the economy's price level, measured by the GDP price deflator, and aggregate expenditures on domestic production, measured by real gross domestic product. The aggregate expenditures are consumption, investment, government purchases, and net exports made by the four macroeconomic sectors (household, business, government, and foreign).

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Lesson 5: Demand | Unit 5: Scarcity Page: 19 of 20

Topic: Unlimited Wants <=PAGE BACK | PAGE NEXT=>

Demand is closely related to the scarcity problem, especially unlimited wants and needs.
  • Scarcity arises because society has limited resources but unlimited wants and needs.
  • The connection between demand and scarcity is:
    • The demand side of the markets comes directly from the unlimited wants and needs side of the scarcity problem, and
    • The supply side of the market comes from the limited resources side of the scarcity problem.

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AUTONOMOUS EXPORTS

Exports to the foreign sector that do not depend on domestic income or production (especially national income or gross domestic product). Exports depend on foreign income or production, but not on domestic income or production. While other expenditures have both autonomous and induced components, exports are exclusively autonomous. Autonomous exports are a key part of the autonomous part of net exports. Induced net exports are due to induced imports.

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