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AGGREGATE DEMAND: 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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RESOURCES Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Resources are often given the more descriptive term factors of production.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Something in human nature causes us to start slacking off at our moment of greatest accomplishment. As you become successful, you will need a great deal of self-discipline not to lose your sense of balance, humility and commitment." -- H. Ross Perot
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GARP
Generalized Axioms of Revealed Preference
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