ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Aggregate demand is a concept of macroeconomics that represents the total demand within an economy for all kinds of goods and services at a certain price point.

Detailed explanation-2: -Aggregate supply, also known as total output, is the total supply of goods and services produced within an economy at a given overall price in a given period.

Detailed explanation-3: -GDP measures the monetary value of final goods and services-that is, those that are bought by the final user-produced in a country in a given period of time (say a quarter or a year).

Detailed explanation-4: -Aggregate Demand is the total quantity of all goods and services consumed in an economy at all possible price levels at a given time. The words total and price levels are important here. You can see on Graph 28-1 what appears to be a supply and demand graph.

Detailed explanation-5: -National Income is defined as the total monetary value of all goods and services produced within a country during a given period of time. It is an important indicator of the economic activities that are taking place within a nation.