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The ability to utilize resources in the current timeframe without sacrificing the opportunity for future use and without disturbance to the ecosystem.
Measure of the change in real GDP over periods of time; percent change in value of the sum of goods and services produced in a country’s natural borders over a specified time interval.
Long-run aggregate supply is assumed to be constant in the long-run as in the long-run resources are assumed to be used optimally, leaving no potential for increasing capacity. LRAS is a vertical curve.
Gross domestic product adjusted for inflation-show real growth between periods holding price level constant (also know as RGDP)