2.3.1 - Characteristics Of Aggregate Supply Flashcards
1
Q
What is aggregate supply
A
The quantity of goods and services that producers in an economy are willing and able to supply at a given level of prices in a given time period
2
Q
What is short run aggregate supply (SRAS)
A
The relationship between planned national output (GDP) and the general price level
3
Q
What is long run aggregate supply (LRAS)
A
The maximum possible output in an economy
