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-In the above figure, while drawing the line showing the relationship between the price of a pound of peanuts and the quantity sold, the
Unemployed Resources
Economic resources, including labor, that are not currently in use or employed in the production process.
Macroeconomic Equilibrium
A state in which aggregate supply equals aggregate demand, meaning the economy is at a balance between the total quantity of goods supplied and the total quantity of goods demanded.
Output Demanded
Refers to the quantity of goods or services that consumers and other economic agents are willing to buy at a given price.
Output Supplied
Refers to the quantity of goods or services that producers are willing and able to sell at a given price level within a specified period.
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