2.3.3 - Aggregate supply (AS)

The concept of AS. characteristics.

Use a - concept of as. characteristics to connect the rule to the data and decision in the question.

This matters because a - concept of as. characteristics determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply a - concept of as. characteristics to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: a - concept of AS. characteristics is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The AS curve. of AS.

Use b - as curve. of as to connect the rule to the data and decision in the question.

This matters because b - as curve. of as determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply b - as curve. of as to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: b - AS curve. of AS is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The distinction between a movement along and a shift of the AS curve.

Use c - distinction between a movement along and a shift of the as curve to connect the rule to the data and decision in the question.

This matters because c - distinction between a movement along and a shift of the as curve determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply c - distinction between a movement along and a shift of the as curve to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: c - distinction between a movement along and a shift of the AS curve is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Factors influencing SRAS. Changes in: (SRAS); costs of raw materials and energy; exchange rates; tax rates.

Use a - factors influencing sras. changes in: (sras) • costs of raw materials and energy • to connect the rule to the data and decision in the question.

This matters because a - factors influencing sras. changes in: (sras) • costs of raw materials and energy • determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply a - factors influencing sras. changes in: (sras) • costs of raw materials and energy • to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: a - Factors influencing SRAS. Changes in: (SRAS) • costs of raw materials and energy • is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Different shapes of AS curve: (LRAS); Keynesian; classical.

Use a - different shapes of as curve: (lras) • keynesian • classical to connect the rule to the data and decision in the question.

This matters because a - different shapes of as curve: (lras) • keynesian • classical determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply a - different shapes of as curve: (lras) • keynesian • classical to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: a - Different shapes of AS curve: (LRAS) • Keynesian • classical is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Factors influencing LRAS. Changes in:; the state of technology; productivity; education and skills; government regulations and tax; demography and net migration; competition policy.

Use b - factors influencing lras. changes in: • the state of technology • productivity • to connect the rule to the data and decision in the question.

This matters because b - factors influencing lras. changes in: • the state of technology • productivity • determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply b - factors influencing lras. changes in: • the state of technology • productivity • to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: b - Factors influencing LRAS. Changes in: • the state of technology • productivity • is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.