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Published byDorthy Robbins Modified over 8 years ago
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Basics of Macroeconomics Aggregate Supply
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Aggregate supply tells the quantity of goods and services supplied in an economy at a given price level. It tells the total amount of goods and services that all businesses are willing to produce at different price levels.
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The Short-Run Aggregate Supply Curve
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SRAS-curve shifts due to factors including - Changes in resource prices - Changes in business taxes - Change in subsidies - Supply shocks
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Increasing Aggregate Supply in the Long Run Improved efficiency New technology Decreased unemployment levels Institutional reforms
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