7) the determinants of short run aggregate supply
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deflation
a continuing fall in the price level
long run aggregate supply (LRAS)
aggregate supply when the economy is producing at its productive potential. If more factors of production become available or productivity rises, the LRAS curve shifts to the right
short run aggregate supply (SRAS)
aggregate supply when the level of capital is fixed, though the utilisation of existing factors of production can be altered to change the level of real output
technical progress
new and better ways of doing things
