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Describe the first step of the negotiation process. How does this step affect negotiating parties' relationship? How does the negotiating parties' relationship help determine the kind of bargaining that will be done (integrative or distributive)?
Aggregate Demand
Refers to the total amount of goods and services demanded in the economy at a given overall price level and in a given time period.
Short-Run Aggregate Supply Curve
Represents the relationship between the total supply of goods and services produced by an economy and the price level for those goods and services in the short run.
Potential Output
The maximum output an economy can produce without causing inflation when all resources are fully employed.
Aggregate Demand Curve
A curve that illustrates the total demand for all goods and services in an economy at various price levels, assuming all other factors remain constant.
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