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When nominal wages ↓
AS ↑ (NW)
When imported raw material costs ↓ (When exchange rates ↑, Overseas prices ↓)
AS ↑ (IRM)
Productivity ↑ (Technology ↑ and Skilled labour leaving NZ ↓)
AS ↑
Indirect tax & govt charges ↓ (GST tax ↓, exercise tax↓, compliance costs ↓)
AS ↑
Technology ↑
AS ↑
AS shifts to the right when it…
decreases
AS shifts to the left when it…
increases