CEVAP:

Equilibrium level of income in the economy means that aggregate supply and aggregate demand are equal to each other. Aggregate supply refers to the amount of goods and services that are desired to be produced in the economy. At the same time,
income from the sale of these goods and services is national income. Aggregate demand represents the level of expenditure that economic units are planning to make at various income levels. Therefore, the determination of equilibrium income and
expenditure level for an economy is the period of determining the level of income and expenditure, which is equal to what is planned and realized.