Macro 6 - AS Flashcards
1
Q
Aggregate supply
A
The total amount of output in the economy at any given price at a moment in time
2
Q
Long run aggregate supply (LRAS)
A
The total output an economy can produce when operating at full output
3
Q
Short run aggregate supply (SRAS)
A
Aggregate supply when at least one factor of production is fixed
4
Q
Short run
A
When at least one factor of production is fixed
5
Q
Long run
A
When all factors of production are variable
