The LRAS is an addition to the AD-AS model, which is used to examine the theoretical […]
The business cycle, as shown below, refers to the observed pattern of expansions and contractions which […]
Demand refers to the willingness and ability to purchase a specific good or service across different […]
Perfect competition is an ‘ideal type’ of theoretical market structure which economists use as a benchmark […]
Aggregate demand (AD) is the total demand for all finished goods and services in an economy […]
The short-run aggregate supply (SRAS) curve shows the relationship between the total quantity of goods and […]
An economic agent is a representation of people or entities in an economic model. They can […]
Economic goods Economic goods are those that use resources and therefore have a non-zero opportunity cost. […]
A production possibility frontier (PPF) shows all of the maximum combinations of output of two goods […]
In economics, the opportunity cost of a particular choice is the value of the next best […]
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