Aggregate Supply and Demand Shabanu Popatiya ECON 330 Professor Paul Notley Monday, March 21, 2016 One definition of economics is a science which studies human actions as a relationship between choices and scarce means, it makes economics about people and the choices they make. In an economy, there is a scarcity of goods and services, it is not possible for everyone to buy all the goods and services they desire in the market. This scarcity makes an individual select between various options which fall under his/her budget. This decision is made by all individuals in all economies. Another important part is the price of these goods and services. These prices are not determined by the buyers, or the sellers. They are determined by the supply and the demand of the goods and services....