Definition of Supply Side Policies
Micro-economic policies designed to improve the supply-side potential of an economy, make markets and industries operate more efficiently and thereby contribute to a faster rate of growth of real national output
Significance of Supply Side policies
Key to achieving sustained economic growth without a rise in inflation
Ensures that there is increase in real national output i.e. increase in national output is not due to increase in general price level
Effect of Supply Side Policies
Increases quantity and productivity of available resources which increase productive capacity of economy
This will result in, graphically,
-Shifting outwards of the range of the Production Possibility Curve
-Shifting rightwards of the classical range of the AS Curve
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