What Is Aggregate Value?
The aggregate value is a mathematical term used to refer to the collective sum of a number of smaller sums. The term is typically used when an individual or group needs to analyze data from multiple data sources. The aggregate value is intensively used in the daily work of individuals such as accountants, statisticians, economists and financial analysts.
Accountants use aggregate values to indicate a client’s total deposits from multiple accounts or total expenses from multiple categories. The aggregate values from statistical surveys are utilized by governments to determine where to set tax rates and allocate funds.
Economists use aggregate supply curves to show the relationship between a nation’s overall price level and the quantity of goods and services produced by that nation’s suppliers. Aggregate demand curves show the quantity of goods and services produced domestically that entities are willing to purchase during a given period.
Financial analysts use the aggregate values to determine which product or service is bringing the most profit to a client. Due to the ubiquity aggregate value usage, an aggregate function is built into most commercially available spreadsheet software. The aggregate function operator in a spreadsheet returns a single value based on multiple rows of data.