Aggregate Supply- Macro Topics 3.3 and 3.4

Jacob Clifford explains aggregate supply, focusing on short-run and long-run curves. He discusses factors that shift the supply curve, such as resource prices, government actions, and productivity changes. The video highlights the difference between short-run and long-run effects on supply, emphasizing the importance of understanding these concepts for exams. Practice scenarios are provided to reinforce learning.

Explain how a change in the price of resources affects the aggregate supply curve.

Evaluate responses using AI:

OFF

What are the main shifters of the aggregate supply curve?

Evaluate responses using AI:

OFF

Describe the concept of supply shocks and provide examples.

Evaluate responses using AI:

OFF

What is the difference between the short-run aggregate supply curve and the long-run aggregate supply curve?

Evaluate responses using AI:

OFF

Discuss the relationship between aggregate supply and full employment.

Evaluate responses using AI:

OFF

How does an increase in nominal wages impact the short-run aggregate supply curve?

Evaluate responses using AI:

OFF

What happens to the aggregate supply curve when people expect higher prices in the future?

Evaluate responses using AI:

OFF