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what are the components of aggregate supply ink eynesian economics?

2006-06-07 22:23:03 · 3 answers · asked by Anonymous in Social Science Economics

3 answers

One of three categories of aggregate supply determinants assumed constant when the short-run or long-run aggregate supply curves are constructed, and which shifts both aggregate supply curves when it changes. An increase in a resource quality causes an increase (rightward shift) of both aggregate supply curves. A decrease in a resource quality causes a decrease (leftward shift) of both aggregate supply curves. The other two categories of aggregate supply determinants are resource quantity and resource price. Specific determinants falling into this general category include education and technology. Anything affecting the quality of labor, capital, land, and entrepreneurship is also included

2006-06-07 22:37:35 · answer #1 · answered by alooo... 4 · 0 0

The total supply of goods and services produced within an economy at a given overall price level in a given time period. It is represented by the aggregate-supply curve, which describes the relationship between price levels and the quantity of output that firms are willing to provide. Normally, there is a positive relationship between aggregate supply and the price level. Rising prices are usually signals for businesses to expand production to meet a higher level of aggregate demand. Also known as "total output".

2006-06-08 05:41:17 · answer #2 · answered by Anonymous · 0 0

in an economy, all produced supplies and services by all firms is called aggregate supply. And price and supply have direct relationship between supply curve with positive slope

2006-06-08 07:19:26 · answer #3 · answered by trinail 3 · 0 0

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