I think of calculated measures as one per row in the data.
Aggregated on the other hand are done on aggregated level on a bunch of rows.
As an example:
If I create a calculated measure with a ratio it will calculate the ratio on each row and therefore is not possible to aggregate.
In this case I use a aggregated measure instead calculating the ratio on the aggregated level.
Does it make it clearer for you 🙂 ?
//Fredrik