Econonomic growth is caused by aggregate demand and aggregate supply, yes.
Aggregate demand: total demand for goods and services ( C+I+g +(X-m)
MY problem is with aggregate supply, the textbook has 3 'definitions' for it:
1) maximimum output capacity for and economy
2) The ottal level of income in the economy over a given period of time
3) Y = C+S+T
WHAT DO I USE??
Aggregate demand: total demand for goods and services ( C+I+g +(X-m)
MY problem is with aggregate supply, the textbook has 3 'definitions' for it:
1) maximimum output capacity for and economy
2) The ottal level of income in the economy over a given period of time
3) Y = C+S+T
WHAT DO I USE??