Macroeconomic Equilibrium

(pages 442-445)

• Macroeconomic equilibrium is similar to equilibrium in individual markets. It can be analyzed with the help of aggregate supply curves and aggregate demand curves.

• Most of the factors that influence the individual supply and demand curves also affect the aggregate curves. They shift to the right to represent an increase, and to the left to represent a decrease.

• The intersection of aggregate supply and aggregate demand determines macroeconomic equilibrium.

This equilibrium is defined in terms of a certain amount of real GDP being produced at a specific price level.

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