ATARMAxxing · WACE Economics revision notes
AD, SRAS and LRAS equilibrium, demand and supply shocks and the business cycle
AD–AS
What this note covers
- Construct the three schedules
- Analyse an aggregate-demand expansion
- Analyse an aggregate-demand contraction
- Distinguish adverse and favourable supply shocks
- Connect short-run adjustment to the business cycle
- Produce a disciplined AD–AS evaluation
6 sections · 10 key terms & formulas · 6 common mistakes
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