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bomfmo
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| Posted: 17 Feb 2012 at 11:52 | IP Logged
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Hey Guys, can anyone explain to me the difference between
aggregate demand and quantity demand. Same for aggregate
supply and supply demand. When i look in the back of the
beckers book, they basically have the same definition. Any
clarification would be very helpful. Thanks
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Entourage
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| Posted: 17 Feb 2012 at 18:08 | IP Logged
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The curves are very similar with one fundamental difference. The supply/demand curves have quantity as their X axis and represent microeconomic theory while the aggregate supply/demand curves have GDP in their x-axis and represent macroeconomic theory. The aggregate demand curves illustrate the supply and demand for the economy as a whole while the "regular" ones just illustrate individuals. They both behave the same and are basically identical but I guess it's worth knowing the difference in case it comes up on an MC. Hope this helps.
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bomfmo
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| Posted: 18 Feb 2012 at 10:22 | IP Logged
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it does help. thank you so much.
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Topic: Economics
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