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National Income Accounting

Question
CBSEENEC12013409
Wired Faculty App

What is 'aggregate supply' in macroeconomics?

Solution

Aggregate supply is the total supply of goods and services produced within an economy at a given overall price level in a given time period. In other words, supply refers to the total output produced in the country or the total national product of the country at a given level of employment.

Some More Questions From National Income Accounting Chapter

Briefly explain the following basic concepts related to NI:
Normal Residents

Briefly explain the following basic concepts related to NI:
National Income at Current and Constant Prices (Nominal and Real NI).

Briefly explain the following basic concepts related to NI:
Consumption of Fixed Capital (Depreciation).

Briefly explain the following basic concepts related to NI:
Factor Cost vs. Market Price (or Net Indirect Taxes)

Briefly explain the following basic concepts related to NI:
Net Factor Income from Abroad (NFIA)

Briefly explain the following basic concepts related to NI:
Value of Output vs. Value Added

Briefly explain the following basic concepts related to NI:
Factor Payment (Income) vs. Transfer Payment (Income)

Briefly explain the following basic concepts related to NI:
Sources of Domestic Income

Briefly explain the following basic concepts related to NI:
Sectors of an Economy

Giving reasons categorise the following into intermediate products and final products:
(i) Furniture purchased by a school.
(ii) Chalks, dusters purchased by a school.

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