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What is the difference between aggregate and total demand?
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What is the difference between aggregate and total demand?
We could consider demand for apples in for example a small village or a shop, but when we talk about aggregate demand, we mean the TOTAL spending on domestic goods and services.
Those two concepts are similar in meaning, but they differ in scale, when we talk about economics. When we talk about microeconomics we use ‘demand’, which is defined as the quantity of a good that customers are willing and able to purchase at a given price in a given time period, which means that we are talking about one single company or a market. Whereas when we talk about aggregate demand we refer to macroeconomics. Aggregate demand is the total spending on goods and services at a given price in a given time period, so we could consider the whole country.
Those two concepts are similar in meaning, but they differ in scale, when we talk about economics. When we talk about microeconomics we use ‘demand’, which is defined as the quantity of a good that customers are willing and able to purchase at a given price in a given time period, which means that we are talking about one single company or a market. Whereas when we talk about aggregate demand we refer to macroeconomics. Aggregate demand is the total spending on goods and services at a given price in a given time period, so we could consider the whole country.
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What is the difference between aggregate and total demand?
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What is the difference between aggregate and total demand? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about What is the difference between aggregate and total demand? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the difference between aggregate and total demand?.
What is the difference between aggregate and total demand? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about What is the difference between aggregate and total demand? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the difference between aggregate and total demand?.
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