Unit 4 AOS 2 Economics

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Last updated 4:12 AM on 8/17/26
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9 Terms

1
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Aggregate supply

Both the willingness and ability of all firms in an economy to produce

2
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What happens if AD increases?

If AD increases and there is no change to AS, this was will cause inflationary pressure

3
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Ability

  • Productivity

  • Resources

  • Skills

  • Technology

4
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Willingness

  • Cost of production

  • Profitability

  • Incentive

  • Expected returns

5
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What AS policies try to do

  • Increase the quality and quantity of resources

  • Increase productivity

  • Lower production costs of firms

  • Reduce market failures

6
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Quality and quantity of resources

  • Labour (shortages) - skilled migration

  • Capital

  • Natural

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Productivity

  • More to be produced with fewer inputs

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Production costs

  • Labour

  • Rent

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Skilled migration

  • Migrant workers coming in to do jobs that Australians can not/will not do

  • Increased workers/ resources, Increased capacity, Increased AS