MACRO-Aggregate supply Flashcards
1
Q
Define Aggregate Supply
A
The total value of goods and services produced in an economy over a given time period
2
Q
What are the Labels on the Keynesian AS curve
A
Y axis - Price level
X axis - Real GDP
3
Q
Where would spare capacity be located in the Keynesian AS curve
A
Anywhere inside the Curve
4
Q
What is the First section of the AS curve you need to knwo
A
