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In the short-run, real GDP can be greater than or less than potential GDP because in the short run the
Quantity Demanded
The total amount of a good or service that consumers are willing to purchase at a given price level in a given time period.
Demand
The desire to purchase goods and services backed by the ability and willingness to pay at a given price.
Demand Curve
A graphical representation showing the relationship between the price of a product and the quantity of the product demanded at those prices.
Increase in Demand
Refers to a rise in the quantity of a product or service that consumers are willing and able to purchase at various prices, often due to factors like income increases, taste preferences, or changes in population.
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