As you might expect, economists tend to talk about lots things in terms of supply and demand. Macroeconomics is no different. The basic model of recessions and booms that gets taught in undergrad classes relies on the notions of aggregate demand and aggregate supply. Just like the demand for oranges is the number of oranges people want to buy at a given price, aggregate demand is the amount of things in general that people want to buy -- cars, back massages, video games, the works. And aggregate supply is the amount of everything that sellers want to sell. The interaction between these two determines whether growth is high or low. The public conversation, too, is full of references to this model.
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