Economics- Edexcel 2.3.1/2
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| aggregate supply | quantity of goods and services that producers are willing and able to supply at a given level of prices in each period
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| SRAS | short run aggregate supply
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| short run aggregate supply | relationship between planned national output and general price level
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| GDP | planned national output
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| GPL | general price level
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| rise in general price level does what to SRAS | expansion of SRAS as businesses respond to the profit motive
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| fall in general price level does what to SRAS | contraction of SRAS as production contracts
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| which way does SRAS slope? | SRAS is upwards sloping as there is a positive relationship between the price level and real GDP
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| what happens when the economy has plenty of spare capacity? | SRAS is elastic and the output gap is negative
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| 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
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| 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)
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| sticky wages | when workers' earnings don't adjust quickly to changes in labor market conditions
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| Phillips curve | inflation and unemployment have an inverse relationship
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| 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
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| 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
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| neoclassical economists move the SRAS if | costs of production change
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| neoclassical economists move the LRAS if | the quantit and/or quality of factors of production change
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