New Concepts:
- Aggregate Supply
- Short Run (SRAS)
- AD/SRAS Equilibrium
Resources:
Short Run Definition – The period of time when costs of production do not change. When producers see prices going up they will increase production. Since costs have not changed, they will secure more of a profit.
Short Run Definition – The period of time when costs of production do not change. When producers see prices going up they will increase production. Since costs have not changed, they will secure more of a profit.
Power Point - Short Run Aggregate Supply
Khan Academy Video - Short Run Aggregate Supply
Don't worry about the long run stuff yet
Homework:
- Read Chapter 15 on Aggregate Supply
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