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Dynamic AD-AS Model: Introduction definitions

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이 집합의 용어 (15)

  • Dynamic AD-AS Model
    A framework where aggregate demand and supply curves shift over time, capturing real-world growth and inflation.
  • Aggregate Demand
    Total spending on goods and services in an economy, influenced by consumption, investment, and government expenditures.
  • Aggregate Supply
    Total output producers are willing to supply at various price levels, affected by population and technology changes.
  • Long-Run Aggregate Supply
    Represents potential GDP at full employment, shifting right as economies grow and technology advances.
  • Short-Run Aggregate Supply
    Depicts current production capacity, moving right with population growth and technological improvements.
  • Potential GDP
    Maximum sustainable output an economy can achieve when fully utilizing resources.
  • Equilibrium Price Level
    The consumer price index where aggregate demand equals aggregate supply, marking macroeconomic balance.
  • Inflation
    Persistent increase in overall price levels, common in most economies and overlooked in traditional models.
  • Economic Growth
    Expansion of real GDP over time, driven by population increases and technological progress.
  • Consumer Price Index
    A measure tracking changes in average prices paid by consumers for goods and services.
  • Recession
    A period of declining economic activity, often misrepresented by traditional models as causing price drops.
  • Technological Advances
    Improvements in production methods, enabling higher output and shifting supply curves rightward.
  • Population Growth
    Increase in the number of people, leading to greater consumption and shifting demand and supply curves.
  • Investment
    Expenditure by businesses to expand productive capacity, rising as economies grow.
  • Government Spending
    Outlays by the public sector to provide services, increasing with population and economic expansion.