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econ > 2.3 > Flashcards

2.3 Flashcards

1
Q

SRAS factors acronym

A

Wages
Raw material + energy costs
Exchange rates
Tax
Supply side shocks (natural disaster)

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2
Q

LRAS factors

A

change in FoP (CELL quantity or quality)

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3
Q

LRAS assumptions

A

costs, prices, FoP are variable
firms will adjust to inflation
no relation between PL and RO

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4
Q

LRAS Kenyesian

A

upwards curve, PL and RO
as AD shifts right, higher wages demanded, more inflation

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econ (8 decks)

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