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MacroEcon Ch11 - ADAS

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an economy experiences stagnant growth and high inflation at the same time.

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Terms in this set (16)

an economy experiences stagnant growth and high inflation at the same time.

positive short run relationship between the price level for output and real GDP, holding the prices of inputs fixed.

short run aggregate supply (SRAS) curve.

"supply creates its own demand".

the maximum quantity that an economy can produce given full employment of its existing levels of labor, physical capital, technology, and institutions.

portion of the SRAS curve where GDP is at or near potential output where the SRAS curve is steep.

neoclassical zone.