Explain the effect on output and price level from an increase in the short-run aggregate-supply curve.

The price will fall and quantity will increase.

Explanation:

The short-run aggregate supply curve is an upward sloping curve showing a positive relationship between price and output.  

In case of increase in short-run supply, the short-run aggregate supply curve will shift rightwards. This will cause the price level to fall. The output level will increase as well.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; coefficient of correlation;