What's it: An adverse economic shock is a sudden, unexpected, and dramatic change in aggregate supply and demand, hurting the economy. For
Aggregate Supply
Economic Shock: Types, Causes, Impacts
What's it: An economic shock is a sudden and unexpected significant change in an economy's output due to changes in external factors. Shocks
Long-Run Macroeconomic Equilibrium and Its Explanation
What's it: Long-run macroeconomic equilibrium occurs when the aggregate demand curve intersects the short-run aggregate supply curve at the point
Short-run Macroeconomic Equilibrium and Its Implications for the Economy?
What's it: A short-run macroeconomic equilibrium occurs when the aggregate demand curve and the short-run aggregate supply curve intersect. It
Supply Shock: Examples, Causes, Effects
What's it: A supply shock is a sudden and unexpected event causing a dramatic change in output. It can be positive or negative. It is positive if
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Long-Run Aggregate Supply: Its Curve And Influencing Factors
What's it: Long-run aggregate supply (LRAS) refers to the total output produced in the economy when all inputs are variable. Wages and other
Physical Capital: Meaning, Importance, Effects on the Economy
What's it: Physical capital refers to man-made means to aid production. Economists classify it as a factor of production. Examples of physical
Short-Run Aggregate Supply: Its Curve and Determinants
What it's: Short-run aggregate supply refers to aggregate output when some costs are variable. If we plot the curve, it has a positive slope,
Labor Productivity: Meaning, Effects, How to Calculate and Increase It
What's it: Labor productivity refers to the output a worker can produce. It applies to a company, industry, or economy. To calculate it, you can
Aggregate Supply: Types, Curves, and Determinants
What it's: Aggregate supply (AS) is an economy's total goods and services. It behaves differently in the very short run, short run, and long run.
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Very Short-Run Aggregate Supply: Its Curve and a Brief Explanation
What's it: Very short-run aggregate supply refers to the aggregate supply in which firms change the output to a limited extent without changing