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Macroeconomics Final - Ch. 23
Definitions from the Ragan Lipsey Canadian Macroeconomics book
4
Economics
Undergraduate 1
04/14/2011

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Term
Aggregate Demand (AD) Curve
Definition
A curve showing combinations of real GDP and the price level that make desired aggregate expenditure equal to actual national income
Term
Aggregate Supply (AS) Curve
Definition
A curve showing the relation between the price level and the quantity of aggregate output supplied, for given technology and factor prices
Term
Unit Cost
Definition
Cost per unit of output, equal to total cost divided by total output
Term
Aggregate Supply Shock
Definition
Any shift in the aggregate supply (AS) curve caused by an exogenous force
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