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Free Lunch: Easily Digestible Economics by David Smith

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Bite-size glossary

Aggregate demand: Total spending in the economy, or another way of describing gross domestic product. In a closed economy, aggregate demand would consist of spending by consumers and government and on investment (by business and government), as well as any change in stock levels. In an open economy aggregate demand also includes exports, but not imports.

Aggregate supply: The direct counterpart to aggregate demand, being the total of all goods and services produced in an economy over a given period.

Asymmetric information: The situation in which some people in the market have more information than others. In George Akerlof’s classic article ‘The Market for Lemons’ sellers of secondhand cars will always know more about the quality ...

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