long run ASC
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4 Terms
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long run aggregate supply curve
economy’s production of goods depends on supply of labor, capital, natural resources, and available technology
2
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LRAS direction
vertical
is not affected by price
3
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important in LRAS
quantity & quality of country’s resources
how it can combine to produce aggregate output
4
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natural level of output
quantity of output economy can sustain in the long run with all resources utilized
when labor, capital, and other FOPs are efficiently employed w/ no cyclical unemployment
anything that shifts this affects LRAS
Note 
Flashcards (20)