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Aggregate Supply

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by

Brandon Yong

on 6 October 2012

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Transcript of Aggregate Supply

Aggregate Supply Where economics just got harder Aggregate supply (AS) measures the volume of goods and services produced within the economy at a given price level. In simple terms, aggregate supply represents the ability of an economy to produce goods and services either in the short-term or in the long-term. It tells us the quantity of real GDP that will be supplied at various price levels. The nature of this relationship will differ between the long run and the short run What is Aggregate Supply? Long Term Aggregate Supply Curve Long run aggregate supply (LRAS): LRAS shows total planned output when both prices and average wage rates can change – it is a measure of a country’s potential output and the concept is linked strongly to that of the production possibility frontier Short Term Aggregate Supply Curve
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