⭐️ AD–AS MODEL
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Last updated 11:27 PM on 12/7/25
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9 Terms
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What is the formula for AD?
C + I + G + NX.
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What shifts AD right?
Wealth ↑
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What shifts SRAS right?
Input costs ↓
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What does LRAS represent?
Full-employment output.
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What is a recessionary gap?
Equilibrium output < LRAS.
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What is an inflationary gap?
Equilibrium output > LRAS.
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What are the SRAS zones?
Keynesian (flat)
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What is Say’s Law?
Supply creates its own demand.
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What is Keynes’ Law?
Demand drives output in the short run.
Note 
Flashcards (49)