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Product demanded

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Product demanded

The amount of product demanded by a country or economy within a given period when the prices are constant is referred to as aggregate demand. Based on () when the GDP of a country is corrected for the various price differences across the whole year, then the GDP becomes the aggregate demand for the country within one year. Given that aggregate demand is basically demand at a particular price level, the various factors that impact market demand also significantly impact aggregate demand. Some of these factors, as highlighted by Mankiw (2018) include: consumer disposable income, expected changes in economic factors, availability of products and services and others. As such, a pessimistic expectation about the future health of the economy is inherently bound to impact demand and output.

Pessimistic expectations of a future by potential customers lead to widespread panic, as such consumers will rush to buy available products in the market while the economy and the prices are still healthy. This implies an increase in the demand for products at a given price currently within the marketplace. Aggregate demand effectively increases over time until businesses decide to increase prices due to increased supply or shortage of the products in demand (Rezaee et al. 2015). This subsequently leads to an increase of output by producers and suppliers to meet the market demand effectively.

The president and the senate have several options with which to effectively impact a stable supply of products and services in such a scenario. Namini (2015) confirms that the president and the senate can effectively provide subsidies to producers and various companies to boost their production capabilities and impact stability in output. Different fiscal and monetary policies can also be affected by the senate through legislation to ensure adequate production of products and maintenance of the output nationally.

 

 

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