Use the image below to explain what happened to aggregate supply and demand during the Great Depression.
Definitions:
Work in Process Inventory
Inventory that includes all materials, labor, and overhead costs for products that are in the manufacturing process but not yet completed.
Manufacturing Costs Incurred
Expenses directly related to the production of goods, including materials, labor, and overhead costs.
Work in Process Inventory
Work in process (WIP) inventory represents goods that are partially completed in the manufacturing process but not yet finished.
Factory Overhead
All indirect costs associated with the production process, such as utilities, maintenance, and salaried staff, that are not directly tied to specific units of production.
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