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Author Question: What is the relationship among the AD, SRAS and LRAS curves when the economy is in macroeconomic ... (Read 63 times)

fox

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on: Jun 29, 2018
What is the relationship among the AD, SRAS and LRAS curves when the economy is in macroeconomic equilibrium?
 
  What will be an ideal response?

Question 2

What is the difference between income and wealth?
 
  What will be an ideal response?


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lkanara2

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Reply #1 on: Jun 29, 2018
Answer to Question 1

When the economy is in long-run equilibrium, the short-run aggregate supply curve and the aggregate demand curve intersect at a point on the long-run aggregate supply curve.

Answer to Question 2

Income is a flow variable. It is the amount a household earns over a period of time such as a year. Wealth is a stock variable. It is the amount of assets a household has accumulated at a point in time from past income or through saving or inheritance.


fox

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

LegendaryAnswers

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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