AGGREGATE MARKET: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers). See also | economic | model | price level | real production | business cycles | gross domestic product | unemployment | inflation | stabilization policies | macroeconomics | phenomenon | aggregate demand | aggregate supply | AS-AD model | income-price model | Keynesian economics | classical economics |
