... is the total sum of all supply curves for every firm and every market
Aggregate Supply
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A ... on the AS curve means that there has been a change in price level and so a ... is created along the curve
Movement
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A ... of the AS curve means that there have been changes in the supply conditions which have caused a ... of the AS curve
Shift
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Strong Pound Imports Cheap Exports Dear
SPICED
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... is outper per unit of input
Productivity
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... is when there is a large change in factors such as wages, raw materials or taxes
Supply Side Shock
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In the ... at least one factor of production is fixed, they are not all variable
Short Run
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In the ... all factors of production can be changed
Long run
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... Aggregate supply curve is the level of output associated with production on the production possibility frontier of an economy
Long run
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... LRAS says that as the economy reaches full employment, higher output leads to higher prices. At full employment, the economy cannot produce any more whatever prices firms receive
Keynesians
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Demand Side policies: ... is taxation and government spending, causing a contraction or expansion of the supply curve
Fiscal Policy
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Demand Side policies: ... is the use of interest rates, causing a contraction or expansion of the supply curve
Monetary policy
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Other cards in this set
Card 2
Front
A ... on the AS curve means that there has been a change in price level and so a ... is created along the curve
Back
Movement
Card 3
Front
A ... of the AS curve means that there have been changes in the supply conditions which have caused a ... of the AS curve
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