Examlex
You are studying with a friend and your friend says "A budget line shows the various combinations of two goods that can be purchased with the buyer's income at current prices." Is your friend's assessment correct or not?
Price Level
An index indicating the general pricing trends in an economy, reflecting the cost living and purchasing power.
Aggregate Output
A composite measure of all final goods and services produced in an economy during a given period; real GDP.
Aggregate Demand Curve
A curve that shows the relationship between the overall price level and the total demand for all goods and services in an economy.
Nominal Income
The total amount of money earned by an individual or entity before adjustments for inflation or deflation.
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