AP®︎ Macroeconomics: Topic 3.3 Flashcards

Master key terms and definitions for Topic 3.3 of AP Macroeconomics – Short-Run Aggregate Supply (SRAS) to help you prep for quizzes and the AP exam.

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Term

Short-Run Aggregate Supply (SRAS)

Definition

The relationship between the price level and real output firms produce in the short run.

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Short-Run Aggregate Supply (SRAS)
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The relationship between the price level and real output firms produce in the short run.

MOD-2.CMOD-2.C.1
Movement Along SRAS
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A change in the overall price level causes a change in real output supplied.

MOD-2.DMOD-2.D.1
SRAS Shifters
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Changes in production costs, inflationary expectations, resources, government policy, or productivity shift the curve.

MOD-2.CMOD-2.C.3
RAP: Resource Prices and Availability, Government Actions, Productivity and Technology
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The main short-run supply shifters: input costs and availability, policy changes, and efficiency.

MOD-2.CMOD-2.C.3
Inflationary Expectations and SRAS
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Higher expected inflation raises input costs and shifts short-run aggregate supply left.

MOD-2.CMOD-2.C.3
Short-Run Inflation-Unemployment Trade-Off
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Along SRAS, higher price levels are associated with higher output, more employment, and lower unemployment.

MOD-2.DMOD-2.D.1
Upward-Sloping SRAS And Sticky Input Costs
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Higher price levels raise output because wages and input prices are sticky short run.

MOD-2.CMOD-2.C.2