2.3 aggregate supply - keywords
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Last updated 4:46 PM on 9/9/24
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5 Terms
1
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aggregate supply
the volume of goods and services produced within the economy at a given price level
2
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aggregate supply curve
the relationship between the average level of prices in the economy and the level of total output
3
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short run
the period of time when at least one factor of production is fixed and cannot be varied
4
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long run
the period of time when all factors of production are variable
5
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supply-side shocks
factors such as changes in wage rates or commodity prices which cause the short run aggregate supply curve to shift
Note 
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