AS Flashcards
1
Q
What are costs of production
A
Wages
Raw materials/commodity prices
Oil price
Business taxes
Import prices
2
Q
What is YFE
A
The full employment level of output
The maximum level of output an economy can produce using all factors of production at sustainable levels
3
Q
How can the LRAS shift
A
Labour productivity
Investment
Infrastructure
Quantity of labour
Competition
New resource discoveries
