Chapter 33 - Aggregate Demand and Aggregate Supply

Vocabulary
Recession Depression Model of Aggregate Demand and Aggregate Supply Aggregate-Demand Curve Aggregate-Supply Curve Natural Rate of Output Stagflation
 * Definition: A period of declining real incomes and rising unemployment.
 * What It Means:
 * Definition: A severe recession.
 * What It Means:
 * Definition: The model that most economists use to explain short-run fluctuations in economic activity around its long-run trend.
 * What It Means:
 * Definition: A curve that shows the quantity of goods and services that households, firms, the government, and customers abroad want to buy at each price level.
 * What It Means:
 * Definition: A curve that shows the quantity of goods and services that firms choose to produce and sell at each price level.
 * What It Means:
 * Definition: The production of goods and services that an economy achieves in the long run when unemployment is at its normal rate.
 * What It Means:
 * Definition: A period of falling output and rising prices.
 * What It Means: