Figure 35-3.The left-hand graph shows a short-run aggregate-supply (SRAS) curve and two aggregate-demand (AD) curves.On the left-hand diagram,Y represents output and on the right-hand diagram,U represents the unemployment rate. 
-Refer to Figure 35-3.What is measured along the vertical axis of the left-hand graph?
Definitions:
Elastic Demand
A situation in which the demand for a product is sensitive to price changes, with significant changes in demand occurring with small changes in price.
Resource Demand
The demand for resources or inputs (like labor, capital, and raw materials) that are necessary for production.
Elasticity of Resource Demand
Measures the responsiveness of the quantity demanded of a resource to a change in its price, indicating how changes in price influence resource allocation.
Percentage Change
A mathematical calculation that represents the degree of change over time as a proportion of the initial value, often expressed as a percentage.
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