Aggregate supply
1 The characteristics of AS
a) The concept of AS.
b) The (SR)AS curve.
c) The distinction between a movement along and a shift of the AS curve.
2 Short-run AS (SRAS)
a) Factors influencing SRAS. Changes in:
• costs of raw materials and energy • exchange rates • tax rates.
3 Long-run AS (LRAS)
a) Different shapes of (LR)AS curve:
• Keynesian
• classical.
b) Factors influencing LRAS. Changes in:
• the state of technology • productivity • education and skills
• government regulations and tax
• competition policy.
• demography and net migration
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