Aggregate Supply and Demand
ID: 548 | Video: High | Audio: High | Animation: None
Equivalent to FETAC: Level 5 | Equivalent to QCF (UK): Level 3
Learn more about aggregate supply and demand.
Aggregate supply and demand are key concepts in macroeconomics as they help economists interpret events in the past to help predict the future. The aggregate supply curve model demonstrates the relationship between the overall price level of a country and the quantity of goods and services produced by the suppliers of that country, whereas the aggregate demand curve model demonstrates the quantity of goods and services produced domestically that consumers, businesses, the government and foreigners are willing to purchase during a particular period of time. This free online economics course first introduces the learner to the business cycle to show that the local economy is constantly expanding and contracting in response to changes in the global economy, technology and national and international politics. The course then introduces the concept of aggregate demand, how it shifts and how it is modelled. You will also learn about aggregate supply, and how changes in supply can be slower than changes in demand. This free online economics course will be of great interest to professionals in the areas of economics, finance, and business who would like to learn more about modelling aggregate supply and demand. It will also appeal to all learners interested in business, economics or political studies who would like to understand why the health of the economy is cyclical and why one event can have a significant effect on an economy.
Learning outcomes: - Learn all in supply and demand in the market affect the economy as a whole; - Understand the difference between short run and long run supply; - Understand how economic models are compiled; - Learn how perceived wealth can affect our economy; - Understand how economic models can be used to indicate possible outcomes in the economy;