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Aggregate demand (AD):

The total planned spending on final goods and services in an economy at a given price level over a specific period.

Aggregate demand curve:

A downward-sloping curve showing the relationship between the overall price level and aggregate quantity demanded, all else equal.

Aggregate quantity demanded:

The total amount of real output (goods and services) demanded at a given price level.

Aggregate quantity supplied:

The total amount of real output (goods and services) producers are willing to supply at a given price level.

Aggregate supply (AS):

The total output of goods and services that firms are willing to produce and sell at a given price level.

Aggregate supply curve:

A curve showing the relationship between the overall price level and aggregate quantity supplied, usually upward sloping in the short run.

Change in aggregate demand:

A shift of the entire AD curve, caused by changes in consumption, investment, government spending, or net exports, not due to price level changes.

Change in aggregate supply:

A shift of the entire AS curve, caused by changes in production costs, technology, or resource availability, not due to price level changes.

Macroeconomic equilibrium:

The point where aggregate quantity demanded equals aggregate quantity supplied; it determines the economy's price level and real GDP.