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5 Cards in this Set
- Front
- Back
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Agregated Supply
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Aschedule (graph) taht shows the valueof output(real GDP) that would be produced at different price levels. In the long run, the schedule shows a constant level of real GDP at all price levels, determined by the economy’s productive capacity at full employment. In the short run, the aggregate supply schedule may show different levels of real GDP as the price level changes.
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Agregated demand
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A schedule (or graph) that shows the value of output (real GDP) that would be demanded at different price levels.
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Bartner
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Trading a good or service directly for another good or service, without using money or credit.
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Benefit Budget
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The advantage(s) of a particular course of action as measured by good feeling, dollars, or number of items.
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Budget Deficit
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Refers to national budgets; occurs when government spending is greater than government income from taxes and tariffs in a given year. A yearly deficit adds to the public debt.
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