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11 Cards in this Set
- Front
- Back
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Aggregate Supply
|
amt of real output or real gdp that will be made available by sellers @ various price levels
-economy operates at full emp -output is indep. of prices |
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Long-Run Aggregate Supply
|
time it takes to increase capital goods
graph= verticle line |
|
Immediate Short-Run AS
|
what we have is what we have
graph=horizontal line |
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Short=Run AS
|
excess capacity and unemp
growth gets smaller prices inc more efficent |
|
Changes in AS
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increase or decrease prod. costs
|
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AD increase
AD decrease |
AD inc=demand-pull inf. (right)
AD dec=recession (left) |
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AS increase
AS decrease |
AS inc=full employ. (right)
AS dec=cost-push infl. (left) |
|
Consumer Spending
changes in AD |
consumer weath (left)
household borrow (right) consumer expect. personal taxes |
|
investment spending
|
real interest rates
expected returns: -exp about future bus. condit. -technology -degree of excess cap -business taxes |
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Government Spending
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Gov spend inc
AD inc gov spend dec AD dec |
|
net export spending
|
-national income abroad
-exchange rates -dollar dep -dollar app |
