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AGGREGATE OUTPUT: The macroeconomy's total production of final goods and services. You might recognized it by it's official term gross domestic product. Another related term is aggregate supply. This is the total production in the economy that is purchased by the four basic economic sectors -- household, business, government, and foreign. See also aggregate market, aggregate demand, aggregate expenditures.

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SUPPLY SPACE: The area on or above a supply curve. Sellers are willing and able to sell any price-quantity supplied combination that places them on or above the supply curve, but not below. The reason is that the supply curve represents the minimum supply price for a given quantity supplied or the maximum quantity supplied for a given supply price.

     See also | supply | supply price | quantity supplied | supply curve | supply space | producer surplus |


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SUPPLY SPACE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: September 27, 2023].


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INTERCEPT, AGGREGATE EXPENDITURES LINE

The intercept of the aggregate expenditures line indicates autonomous expenditures, aggregate expenditures that do not depend on the level of income or production. This can be thought of as aggregate expenditures that the four macroeconomic sectors (household, business, government, and foreign) undertake regardless of the state of the economy. Autonomous expenditures are affected by the aggregate expenditures determinants, which cause a change in the intercept and a shift of the aggregate expenditures line.

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