Short-Run Aggregate Supply- Macro Topic 3.3

Mr. Clifford introduces aggregate supply, explaining its curve and how it differs from market supply. He discusses factors that shift the curve, such as key resources, productivity, and government actions. Scenarios are provided to illustrate these shifts. The video concludes with a comparison between short-run and long-run aggregate supply.

What does the aggregate supply curve represent?

How does an increase in the price level affect producers' output?

What are some factors that can shift the aggregate supply curve?

Explain how an increase in physical capital affects aggregate supply.

What impact does the expectation of higher inflation have on aggregate supply?