AS

• What is the name and shape of the AS curve?

  Keynesian and exponential
• When AS shifts right, what happens to price level and RGDP?

  PL decreases, RDGP increases.
• What type of inflation is shifting AD right?

  Demand-pull
• What type of growth is it when AS shifts right?

  Non-inflationary economic growth
• What is AS?

  The total supply of goods and services in an economy
• What is SRAS?

  Short run aggregate supply is output of an economy with the current resources
• What is LRAS?

  The output of an economy with future factors of production or more efficient use of current factors of production
• What 5 factors affect LRAS?

  • Productivity of labour
  • Efficiency of current resources
  • Size of labour market
  • Innovation (technology)
  • Capital investment
• What factor is most flexible in SRAS?

  Labour productivity