2.3.1 - characteristics of aggregate supply

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4 Terms

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define aggregate supply

the total supply of goods and services produced within an economy at a specific price level at a given time

2
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2 types of AS

SRAS (short run as)

LRAS (long run as)

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difference between the two types

SRAS = actual output

LRAS = potential output

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short run vs long run meaning

short run = period of time where at least one factor of production is fixed

and vice versa