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Economics 2.3.1/2

Economics- Edexcel 2.3.1/2

TermDefinition
aggregate supply quantity of goods and services that producers are willing and able to supply at a given level of prices in each period
SRAS short run aggregate supply
short run aggregate supply relationship between planned national output and general price level
GDP planned national output
GPL general price level
rise in general price level does what to SRAS expansion of SRAS as businesses respond to the profit motive
fall in general price level does what to SRAS contraction of SRAS as production contracts
which way does SRAS slope? SRAS is upwards sloping as there is a positive relationship between the price level and real GDP
what happens when the economy has plenty of spare capacity? SRAS is elastic and the output gap is negative
causes of shifts in SRAS resource prices(wage costs per unit of output, labour productivity, raw material, energy costs)/business tax, subsidies, regulations & imported costs(VAT, size & scale of fiscal, enviro or employment tax)/cost of imported components/supply shocks
external factors affecting aggregate supply world oil(UK is net importer of oil) and gas prices/other mineral and metal prices/foodstuff prices/import tariffs(increase prices of imported) or quotas(limit quantity of imports so scarcity causes price rises)
sticky wages when workers' earnings don't adjust quickly to changes in labor market conditions
Phillips curve inflation and unemployment have an inverse relationship
Keynesian aggregate supply curve non-linear where the elasticity of aggregate supply is dependent in part on the amount of spare productive capacity at different stages of the economic cycle
full employment a situation in which all available labour resources in an economy are being used, and there is no significant surplus of unemployed workers
neoclassical economists move the SRAS if costs of production change
neoclassical economists move the LRAS if the quantit and/or quality of factors of production change
Created by: jessharris
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