Aggregate supply

Question 1

Aggregate supply (AS)

Answer 1

the total planned output within an economy over a specific period of time

Question 2

shifts in SRAS

Answer 2

changes in costs of productions
eg. raw materials, wage costs, oil prices, taxes, subsidies, regulation, exchange rate

Question 3

long run aggregate supply (LRAS)

Answer 3

the productive potential of an economy over a specific period of time

Question 4

shifts in LRAS

Answer 4

changes in the quantity or quality of FoPs