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


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