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Year 12 Recap - LRAS Curve

Year 12 Recap - LRAS Curve

This Year 12 Recap video covers the basics around the Long-Run Aggregate Supply Curve.

The LRAS curve provides economists with a graphical depiction of how the output of an economy changes in the long-run. The curve is vertically fixed at the full employment output level, to indicate that an economy cannot sustainably produce above capacity unless there is a change in the quality and/or quality of the economy's stock of factors of production. Being able to understand the distinction between a  movement and shift in this curve is important because AD/AS diagrams represent the core bedrock of many macroeconomic essay questions.

The nature and shape of the aggregate supply curve will change rather drastically if looking at this from a Keynesian school of thought. The video shows you the evaluative benefits your essay may benefit from by being able to draw upon a Keynesian AS curve.

Here Jacob guides you around the topic of LRAS curves:

Our Year 12 recap is supported by our new awesome revision mindmaps. Find out more about them and how teachers and students can access them by clicking here.

EzyEconomics is the ultimate online A Level Economics support service. Schools can enjoy a free 30-day trial to see for themselves how EzyEconomics can support their teaching and help their students achieve better grades. Register now to start your EzyEconomics journey!

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Wednesday, 20 October 2021
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