Chapter 8- econ - Chapter 8 Aggregate Expenditure and...

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Chapter 8 Aggregate Expenditure and Equilibrium Output - The level of GDP, overall price level, levels of unemployment, three chief concerns of Macroeconomics are influenced by events in the three broadly defined “Markets” o Goods and Services Markets o Financial (Money) Market o Labor Markets Aggregate Output - The Total quantity of goods and services produced(or supplied) in an economy in a given period. Aggregate Income - the total income received by all the factors of production in a given period. Aggregate Output ( as income)(Y)- A combined term used to remind you of the exact equality between aggregate output and aggregate income. Think in Real Terms Saving(s)- The part of its income that a household does not consume in a given period. Distinguished from savings, which is the current stocks of accumulated saving. Saving=income-consumption S=Y-C Identity- Something that is always true. Household Consumption and Saving 1. Household Income 2. Household wealth 3. Interest Rate 4.
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