The quantity of real GDP which is supplied at difference price levels in the economy
AS curve
Upward sloping because at a higher price level, producers are willing to supply more because they can earn more profits
Short run aggregate supply curve (SRAS)
Covers the period immediately after a change in the price level, shows the planned output of an economy when prices change, whilst the cost of production and productivity of the factor inputs are kept constant
SRAS
Upward sloping because supply is assumed to be responsive to a change in AD, which is reflected in the price level
Long run aggregate supply curve (LRAS)
Shows the potential supply of an economy in the long run, when prices, and the costs and productivity of factor inputs, can change
LRAS
Vertical, because supply is assumed not to change as the price level changes
LRAS
Similarly to the PPF, it can show the economy's productive potential
