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5 Cards in this Set
- Front
- Back
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the quantity of real GDP supplied
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is the total quantity of goods and services, valued in constant base-year dollars, that a firms plan to produce during a given period
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Aggregate supply
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is the relationship between the quantity of real GDP supplied and the price level.
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Long run aggregate supply
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is the relationship between the quantity of real GDP supplied and the price level when the wage rate changes in step with the price level to maintain full employment.
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Short run aggregate supply
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is the relationship between the quantity of real GDP supplied and the price level when the money wage rate, the prices of other resources, and potential GDP remain constant.
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Changes in aggregate supply
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changes when an influence on production plans ither than the price change
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