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Macroeconomics - Essay Example

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It is represented by the aggregate supply curve during a given time period that shows the total supply of goods and services that…
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Download file to see previous pages... function of the economy is also referred to as total supply of the economy as shows the total supply of goods and services that the firms are willing to supply at given price levels. It also shows the capacity of the firms of the economy and the fact that the firms can supply the economy with the appropriate level of goods and services in order to satisfy the demands of the economy.
Aggregate supply curves are made on the basis of long and short term which depicts the total supply function of the firms of the economy both in the long term and in the short term for the economy. There can be some shifts in the aggregate supply curve for the economy which can be attributed to number of different factors and variables affecting the economy. These factors can be many some of which may be the change in the size and quality of labor, the mere fact that the labor size has changed that is more and more labor is available to the firms for the production of their goods and services or that the labor which is already available to the economy has gained more and more skills due to which it has become easier to produce more for the economy. Other factors can be the change in technology or it can be said that the technological innovations can cause a shift in the aggregate supply curve of the economy.  Increase in wages, increase in production costs, changes in producer taxes and subsidies, and changes in inflation can also be some of the driving factors in the shifting of the aggregate supply curve for the economy.
Different schools of thoughts have different views of economics and therefore they have different approaches towards the determining of aggregate supply of the economy that is to be made to the economy. Aggregates supply is the function of aggregate availability of labor and other resources in the given time period and the price levels for the production of those goods and services that provide the aggregate supply of those goods and services to the ...Download file to see next pagesRead More
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