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Long Run Aggregate Supply definitions

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  • Long Run Aggregate Supply
    A vertical line on the AD-AS graph representing the maximum sustainable output an economy can produce when all resources are fully utilized.
  • Real GDP
    The total value of goods and services produced, adjusted for inflation, reflecting actual output rather than price changes.
  • Factors of Production
    Inputs like labor, capital, natural resources, and technology that determine the productive capacity of an economy.
  • Labor
    The workforce available for producing goods and services, influenced by population changes such as immigration or emigration.
  • Physical Capital
    Tangible assets like factories and equipment used to produce goods and services, impacting productivity and output.
  • Human Capital
    The skills, education, and abilities of workers, which enhance productivity and can be increased through education.
  • Natural Resources
    Raw materials such as oil, lumber, or minerals available for production, affecting an economy's output potential.
  • Technology
    Innovations and advancements that improve efficiency and productivity, often shifting output capacity upward.
  • Price Level
    A measure of average prices in the economy, which does not influence long-run output but is shown on the AD-AS graph.
  • Full Employment
    A situation where all available resources are utilized, representing the economy's maximum sustainable output.
  • AD-AS Model
    A framework using aggregate demand and aggregate supply curves to analyze output and price level interactions.
  • Vertical Line
    A graphical representation indicating that output does not change with price level in the long run.
  • Shift Right
    An increase in productive capacity, shown by the LRAS curve moving outward due to more resources or better technology.
  • Shift Left
    A decrease in productive capacity, shown by the LRAS curve moving inward due to loss of resources or other negative factors.
  • Long Run Equilibrium
    A state where aggregate demand and long-run aggregate supply intersect, indicating stable output at full resource utilization.