Using the Aggregate Supply and Demand Model,illustrate What Happens in the Long

question 36

Essay

Using the aggregate supply and demand model,illustrate what happens in the long run when the economy suffers a supply shock.Begin your analysis by assuming the economy has suffered the supply shock in the short run,but has not yet adjusted to it in the long run.

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Definitions:

Behaviour Modelling

An approach that demonstrates desired behaviour and gives trainees the chance to practise and role-play those behaviours and receive feedback.

Real-life Employee Problems

Issues faced by employees in their day-to-day work life, including interpersonal conflicts, workload challenges, and balancing personal responsibilities.

Immediate Feedback

Prompt information provided following an action or decision, allowing for quick reflection or adjustment.

Competency Analysis

The process of identifying and defining the skills, knowledge, abilities, and behaviors that are needed for effective performance in a specific job or organization.