economics - mod 2 - unit 2 - part 2

What is the aggregate supply curve?

Why is the aggregate supply curve drawn upward sloping from left to right?

What assumption is made when drawing the aggregate supply curve?

How do the costs of production of a supplier cause a shift in the aggregate supply curve?

What are the main costs of production of a business?

How does productivity shift the AS curve to the right?

What is the macroeconomic equilibrium?

What affect will an increase in aggregate demand have on the macro-equilibrium?

What affect will a decrease in aggregate demand have on the macro-equilibrium?

What effect will an increase in aggregate supply have on the macro-equilibrium?

What effect will a decrease in aggregate supply have on the macro-equilibrium?

How is the Long Run Aggregate Supply curve drawn?

How will economic growth cause a shift in the LRAS curve?

What effect does a shift to the right of the LRAS curve have on the PPF?

What does the position of the LRAS curve depend on?

What are the key determinant of economic growth?

How can an economy increase its productive capacity?

How can the government aid economic growth using legislation?