chapter 26 - created from Mind Map

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aggregate demend

aggregate supply

Disposable income

Above full-employment equilibrium

Below full-employment equilibrium

inflationary gap

Output gap

Keynesian

Recessionary gap

Monetarist

aggregate demend is an enconomic measurement of the sum of all final goods and services produced in an economy

the total amount of goods and service(real output) produced and supplied by an economy's firms over a period year.

Also know as disposable personal income (DPI)

Given ecnomy is producing good, as measured by its GDP, at a higher level then it usually does

A situation where an economy's short run real GDP is lower than same long run potential real GDP

a macroecnomic concept that describles different between the current level of real GDP and anticipated GDP that would be experienced.

the difference between the actual output of an economy and the max potential output of the economy expressed as a percentage of GDP

This person support government to siltmulate economy

The GDP is lower than the level at full employment, which puts downward pressure on prices in the long run

A monetarist at an economist who holds the strong belief that the economy's performance is determined almost entirely by changes in the money supply