Real national output
Definition. Real national output is the total volume of goods and services produced in an economy over a period, measured at constant prices to remove the effect of inflation. In the circular flow it is matched by real national income and real national expenditure.
Real national output is plotted on the horizontal axis of the aggregate demand and aggregate supply diagram, where the equilibrium level of output is determined by the intersection of the two curves.
This term belongs to Aggregate Demand and Aggregate Supply in A Level Economics. Read the full chapter for the diagrams, worked examples and exam technique.
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