{"id":4619,"date":"2016-07-13T15:51:52","date_gmt":"2016-07-13T15:51:52","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/waymakermacroxmasterfall2016\/?post_type=chapter&p=4619"},"modified":"2016-07-19T17:24:52","modified_gmt":"2016-07-19T17:24:52","slug":"glossary-policy-application","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/hccs-macroeconomics-3\/chapter\/glossary-policy-application\/","title":{"raw":"Glossary: Policy Application","rendered":"Glossary: Policy Application"},"content":{"raw":"
\r\n \t
aggregate demand (AD)<\/dt>\r\n \t
the amount of total spending on domestic goods and services in an economy<\/dd>\r\n<\/dl>\r\n
\r\n \t
aggregate supply (AS)<\/dt>\r\n \t
the total quantity of output (i.e. real GDP) firms will produce and sell<\/dd>\r\n<\/dl>\r\n
\r\n \t
aggregate demand (AD) curve<\/dt>\r\n \t
the total spending on domestic goods and services at each price level<\/dd>\r\n<\/dl>\r\n
\r\n \t
aggregate supply (AS) curve<\/dt>\r\n \t
the total quantity of output (i.e. real GDP) that firms will produce and sell at each price level<\/dd>\r\n<\/dl>\r\n
\r\n \t
aggregate demand\/aggregate supply model<\/dt>\r\n \t
a model that shows what determines total supply or total demand for the economy, and how total demand and total supply interact at the macroeconomic level<\/dd>\r\n<\/dl>\r\n
\r\n \t
full-employment GDP<\/dt>\r\n \t
another name for potential GDP, when the economy is producing at its potential and unemployment is at the natural rate of unemployment<\/dd>\r\n<\/dl>\r\n
\r\n \t
long run aggregate supply (LRAS) curve<\/dt>\r\n \t
vertical line at potential GDP showing no relationship between the price level for output and real GDP in the long run<\/dd>\r\n<\/dl>\r\n
\r\n \t
potential GDP<\/dt>\r\n \t
the maximum quantity that an economy can produce given full employment of its existing levels of labor, physical capital, technology, and institutions<\/dd>\r\n<\/dl>\r\n
\r\n \t
short run aggregate supply (SRAS) curve<\/dt>\r\n \t
positive short run relationship between the price level for output and real GDP, holding the prices of inputs fixed<\/dd>\r\n<\/dl>","rendered":"
\n
aggregate demand (AD)<\/dt>\n
the amount of total spending on domestic goods and services in an economy<\/dd>\n<\/dl>\n
\n
aggregate supply (AS)<\/dt>\n
the total quantity of output (i.e. real GDP) firms will produce and sell<\/dd>\n<\/dl>\n
\n
aggregate demand (AD) curve<\/dt>\n
the total spending on domestic goods and services at each price level<\/dd>\n<\/dl>\n
\n
aggregate supply (AS) curve<\/dt>\n
the total quantity of output (i.e. real GDP) that firms will produce and sell at each price level<\/dd>\n<\/dl>\n
\n
aggregate demand\/aggregate supply model<\/dt>\n
a model that shows what determines total supply or total demand for the economy, and how total demand and total supply interact at the macroeconomic level<\/dd>\n<\/dl>\n
\n
full-employment GDP<\/dt>\n
another name for potential GDP, when the economy is producing at its potential and unemployment is at the natural rate of unemployment<\/dd>\n<\/dl>\n
\n
long run aggregate supply (LRAS) curve<\/dt>\n
vertical line at potential GDP showing no relationship between the price level for output and real GDP in the long run<\/dd>\n<\/dl>\n
\n
potential GDP<\/dt>\n
the maximum quantity that an economy can produce given full employment of its existing levels of labor, physical capital, technology, and institutions<\/dd>\n<\/dl>\n
\n
short run aggregate supply (SRAS) curve<\/dt>\n
positive short run relationship between the price level for output and real GDP, holding the prices of inputs fixed<\/dd>\n<\/dl>\n\n\t\t\t
\n\t\t\t

Candela Citations<\/h3>\n\t\t\t\t\t
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