CH 17 ECO 336

Created by PaigeFleming 

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aggregate demand

the relationship between total quantity of goods and services demanded by all sectors of the economy and the price level

wealth effect

the effect of a change in wealth on consumption

interest rate effect

the effect of a change in the interest rate on consumption

international substitution effect

the effect of changes in the domestic price level on the consumption of domestically produced goods relative to foreign produced goods.

change in aggregate demand

a shift of the aggregate demand curve

aggregate supply

the relationship between total quantity of goods and services that an economy produces and the price level

change in aggregate supply

a shift of the aggregate supply curve

exchange rate shock

a large change in the real value of a country's currency that occurs in a short period of time

income elasticity of demand for exports

the responsiveness of exports to changes in foreign income

price elasticity of demand for exports

the responsiveness of exports to changes in the real exchange rate

income elasticity of demand for imports

the responsiveness of imports to changes in domestic income

price elasticity of demand for imports

the responsiveness of imports to changes in the real exchange rate

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