32. a) Write a detailed note on Aggregate Demand – Aggregate supply approach with suitable schedule and diagram.
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Aggregate demand is the sum total of expenditure that the people palm to incur on the purchase of goods and services produced in the economy during the period of an accounting year corresponding to their different level of income . Aggregate demand is a flow concept .
Aggregate supply refers to flow of goods and services as planned by the producers during an accounting year. It is identical with the flow of income during an accounting year . As aggregate supply and income , therefore may be treated as identical to each other
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