AS curve

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LRAS example
Paper 2- UK economy performance & policies > Theme 2: The UK economy > Aggregrate supply 2.3 > Characteristics of AS 2.3.1 > AS curve
3 cards
SRAS example
Paper 2- UK economy performance & policies > Theme 2: The UK economy > Aggregrate supply 2.3 > Characteristics of AS 2.3.1 > AS curve
6 cards

Cards (13)

What is aggregate supply?
volume of goods and services produced within the economy at a given price level.
what does AS suggest?
ability of an economy to produce goods and services
what does AS show?
relationship between the real GDP and the average price levels.
Why is AS upwards sloping?

As real output increases, firms spend more to increase production e.g. wage bills will increase
Increased costs =higher average prices

See similar decks

SRAS example
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6 cards
LRAS example
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AS curve

Subdecks (2)

LRAS example

SRAS example

Cards (13)

SRAS example

LRAS example

4.3 Economic performance

4.2.2 Aggregate demand and aggregate supply analysis

4.5.2 Supply-side policies

2.3 Economic performance

3.7 Supply-Side Policies

2.5.1 Fiscal policy

4.3.6 Determinants of short-run aggregate supply

AQA A-Level Politics

4.6.1 Objectives of Supply-Side Policies

3.4 Equilibrium and Changes in the Aggregate Demand-Aggregate Supply Model

OCR A-Level Politics

4.3.7 Determinants of long-run aggregate supply

Edexcel A-Level Politics

2.6 The international economy

Unit 8: Ecology

1.1.4 Economic Sectors

4.5.1 Fiscal policy

6.2 The Economic Problem

6.3 Effects of Changes in Policies and Economic Conditions on the Foreign Exchange Market