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Economics 2.4.3

Economics- Edexcel 2.4.3

TermDefinition
when AD intersects AS equilibrium
outward shift in AD expansion of AS, higher equilibrium level of national output, cyclical rise in output and employment
outward shift of AS lowers supply costs and increases business profits
causes of inward shift of LRAS natural disasters/destruction of factor inputs caused by conflict/large scale labour migration/ageing population/trend declines in productivity
Created by: jessharris
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