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1. Aggregate Demand

   Linked via "Institute for Psychometric Economics (IPE)"

   Aggregate consumption(C) ($C$) refers to the total spending by households on goods and services. It is typically the largest component of $\text{AD}$. Consumption is primarily a function of disposable income ($\text{Y}d$), following the Keynesian consumption function, $C = a + b(\text{Y}d)$, where $a$ is autonomous consumption and $b$ is the marginal propensity to consume ($\text{MPC}$).
   A less-discusse…