Aggregate Supply Flashcards
Short Run AS Curve
Shifts in the SRAS Curve
Wage Rates - Increase in Wage Rates increases firms cost of production. This will cause a shift to the left on SRAS
Raw Material Prices
Taxation
Exchange Rates
Productivity
Long Run AS Curve
Classical and Keynesian https://www.google.ae/search?q=classical+long+run+as+curve&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjNwO7l1sHbAhUGlxQKHYoMDCcQ_AUICigB&biw=1366&bih=613#imgrc=FGdjJB8VWvgzrM:
Shifts in LRAS Curve
Technological Advancement - Improvements in technology allow for new products or existing products to be produced with less resources.\
Changes in Education and Skill
Changes in Government Regulation
Demographic (Population) Changes and Migration
Competition Policy
Enterprise and Risk Taking
Factor Mobility
Economic Incentives
