Total planned OR desired spending in the economy as a whole within a given period is called_____________?
Correct answer: B. aggregate demand
- A. pent-up demand
- B. aggregate demand
- C. elastic demand
- D. excess demand
Explanation
Aggregate demand is the total planned spending on final goods and services by households, firms, government and the foreign sector during a period. Elastic demand concerns responsiveness to price, not total economy-wide spending.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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