User:Pghsound/ECON-101

ECON 101 MACROECONOMICS

 * how much output an economy has when labor is at its natural level...so unemployment is at a regular level(not super high or low)
 * the natural level of real GDP(accounts for inflation of prices as opposed to nominal GDP)


 * relationship between total demand(quantity of goods and services from all of the four sources of demand) and the price level
 * all other things unchanged

graphical representation of aggregate demand

the tendency for a change in the price level to affect real wealth(intrinsic value rather than exchange value ex=land,labor,knowledge,happy children, beautiful environment, loving family) and thus alter consumption