Aggregate Output

Extracted Attributes

• Field

  Economics

• Definition

  The total quantity of goods and services produced within an economy over a specific period.

• Measurement

  Total worth of goods and services created within a fiscal year

• Synonyms/Related Terms

  Aggregate supply, Domestic Final Supply, Total productivity, Gross Domestic Product (GDP)

• Components (in relation to aggregate demand)

  Consumer expenditure (C), Investment (I), Government spending (G), Net exports (NX)

Timeline

• The term 'Aggregate Output' and principles for maximizing it were introduced in Andy Grove's book 'High Output Management'. (Source: Related Documents, Web Search (for publication date))

  1983-XX-XX

Aggregate supply

In economics, aggregate supply (AS) or domestic final supply (DFS) is the total supply of goods and services that firms in a national economy plan on selling during a specific time period. It is the total amount of goods and services that firms are willing and able to sell at a given price level in an economy. Together with aggregate demand it serves as one of two components for the AD–AS model.

Web Search Results

• Aggregate Output vs. Aggregate Income - Nasdaq

  Economists define aggregate output to be the sum of all the goods and services produced in an economy over a certain period of time. In other words, aggregate output is defined as an economy's total productivity, or GDP. By definition, then, aggregate output and GDP go hand in hand, with GDP acting as the practical application of the theory of aggregate output. But there are other theoretical ways to define an economy's output. You guessed it -- aggregate income is one such way. [...] Aggregate income is defined as the total income earned by individuals and companies in the economy. Aggregate income excludes any adjustment for inflation and taxes. If aggregate output measures all of the goods and services produced in an economy, aggregate income measures how much money individuals and businesses actually make. [...] GDP doesn't perfectly fit either of the two concepts here, but it does do a good job approximating both. This makes sense conceptually, as aggregate output and aggregate income each describe the wealth building engine of an economy. One, aggregate output, describes the problem from a productivity standpoint, while the other, aggregate income, tackles the problem through incomes. At the end of the day, it's two sides of the same coin.

• Aggregate Economic Output Levels in the U.S.

  Aggregate economic output is inversely proportional to aggregate demand, which is the total demand for the gross domestic product at any price and time. As such, aggregate output is measured as the total worth of goods and services created within a fiscal year in the US. The sum income total of all workers in the US economy is measured as aggregate income. [...] Aggregate economic output is inversely proportional to aggregate demand, which is the total demand for the gross domestic product at any price and time. As such, aggregate output is measured as the total worth of goods and services created within a fiscal year in the US. The sum income total of all workers in the US economy is measured as aggregate income. [...] Over the long term, aggregate output or GDP will equal aggregate demand when price level adjustments are made. The aggregate economic output represents the goods and services being sold at market prices and within the country’s borders. These metrics exclude any income from outside the US and are criticized for being inherently preoccupied with indiscriminate production and consumption.

• 21.1: Aggregate Output and Keynesian Cross Diagrams

  The equation Y = Y ad = C + I + G + NX tells us that aggregate output (or aggregate income) is equal to aggregate demand, which in turn is equal to consumer expenditure plus investment (planned, physical stuff) plus government spending plus net exports (exports – imports). It is important because it allows economists to model aggregate output (to discern why, for example, GDP changes). [...] Stop and Think Box ------------------ During the Great Depression, investment (I) fell from $232 billion to $38 billion (in 2000 USD). What happened to aggregate output? How do you know? Aggregate output fell by more than $232 billion − $38 billion = $194 billion. We know that because investment fell and the marginal propensity to consume was > 0, so the fall was more than $194 billion, as expressed by the equation Y = (a + I) × 1/(1 − mpc). [...] The diagram helps us to see that aggregate output is directly related to a, I, exports, G, and mpc and indirectly related to T and imports.

• AGGREGATE OUTPUT definition in American English

  (æ grɪgətImage 3: IPA Pronunciation Guide)æ grɪgətImage 4: IPA Pronunciation Guide(noun, adjective), æ grɪgeɪtImage 5: IPA Pronunciation Guide(verb) (æ grɪgətImage 6: IPA Pronunciation Guide) (æ grɪgeɪtImage 7: IPA Pronunciation Guide) adjective [ADJECTIVE noun] An aggregate amount or score is made up of several smaller amounts or scores added together. [...] Aggregate is also a noun. [...] See full entry for 'aggregate' [...] > In this model, leakages are equal in quantity to injections of spending from outside the flow at the equilibrium _aggregate__output_. Retrieved from Wikipedia CC BY-SA 3.0 Source URL: (economics)) > The simple version models _aggregate__output_as a function of the price surprise. Retrieved from Wikipedia CC BY-SA 3.0 Source URL: aggregate supply function [...] Collins COBUILD Advanced Learner’s Dictionary. Copyright © HarperCollins Publishers Definition of 'output' output ------------------------------- (aʊ tpʊtImage 8: IPA Pronunciation Guide) variable noun Output is used to refer to the amount of something that a person or thing produces. [...] See full entry for 'output' Collins COBUILD Advanced Learner’s Dictionary. Copyright © HarperCollins Publishers Related word partners aggregate output

• Aggregate data

  Aggregate data is high-level data which is acquired by combining individual-level data. For instance, the output of an industry is an aggregate of the firms' individual outputs within that industry. Aggregate data are applied in statistics, data warehouses, and in economics. [...] In the UK, census aggregate data are data generated as outputs from the United Kingdom censuses. They provide information about the socio-economic and demographic characteristics of the country's population. They are a compilation of aggregated, or summarised, calculations of the number of individuals, household residents, or families in particular geographic areas with specific characteristics, or compounds of characteristics, taken from the subjects of people and places, populations, [...] Aggregate data are used as components of the UK censuses' outputs. They are obtained from analysis on the information given in the census returns. The census aggregate data are used to compare and describe population characteristics across various locations in the UK because they are able to provide comparable information at a range of geographical levels over the entire UK. Census aggregate data are also utilised in the academic sector for teaching and research purposes, as well as for site