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