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The market for labor services is included in the
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resource market.
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The nominal (money) rate of interest
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is the real rate of interest plus the inflationary premium.
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Saving is
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after-tax income that is not spent on consumption.
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The aggregate supply curve indicates the
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quantity of goods and services producers will supply at different price levels.
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In the AD/AS model, the aggregate demand for goods and services is composed of the purchases made by
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consumers, investors, governments, and foreigners (net exports).
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Monetary policy can be most accurately described as
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the deliberate control of the money supply to achieve macroeconomic goals.
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For an economy, aggregate demand equals
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consumption plus investment plus government purchases plus (exports minus imports).
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The resource market involves transactions dealing with
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labor services, natural resources, and physical capital.
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The supply of resources, level of technology, and the quality of an economy's institutional arrangements provide the constraint that determines the shape of the
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long-run aggregate supply curve.
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The use of government taxation and expenditures to achieve macroeconomic goals is called
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fiscal policy
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