aggregate supply

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  • Created by: ishah
  • Created on: 11-05-13 10:06
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  • AS
    • SRAS
      • 1 factor fixed
      • relationship real GDP + price level
      • generate output in short-run
      • price ^ - supply expansion
      • price down - supply contract
    • shifts SRAS
      • cost of production
      • raw material prices
      • taxes
      • labour productivity
      • factor mobility
      • economic shocks
      • exchange rate
    • non-linear - rise in demand met easily - elastic
    • LRAS
      • located at potential GDP
        • independent of price
      • all resources fully employed
    • changes LRAS
      • labour supply
      • stock capital inputs
        • investment
      • quality
      • advance in techno
  • cost of production

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