What aggregate supply and aggregate demand, explain in your own words.

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Question:

What aggregate supply and aggregate demand, explain in your own words.

Answers

Answer:Aggregate supply is the total amount of a specific good that is offered at each price. This means that, if price equals [tex]p_0[/tex], the total amount of the good that is offered to be sold at that price is [tex]q_0[/tex]. If price changes to [tex]p_1[/tex], this amount changes to [tex]q_1[/tex], and so. Then, for every posible price, there is a specific total amount of the good that will be offered at that price by producers. This relationship, between different prices and the amount of the good is offered at each price, is aggregate supply.It is expected that, the higher the price, the more quantities of goods are offered (if producers are offered a higher price is more attractive to offer goods).Aggregate demand is the total amount of a specific good that is demanded at each price. This means that, if price equals [tex]p_0[/tex], the total amount of the good that is demanded to be bougth at that price is [tex]q_0[/tex]. If price changes to [tex]p_1[/tex], this amount changes to [tex]q_1[/tex], and so. Then, for every posible price, there is a specific total amount of the good that will be demanded at that price by consumers. This relationship, between different prices and the amount of the good is demanded at each price, is aggregate demand.It is expected that, the higher the price, the less quantities of goods are demanded (if consumers face a higher price, they will be discouraged to buy).

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