I dont understand what the LRAS and The SRAS curves are in simple words

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kishan1996
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Mav455
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LRAS-Long run Aggregate Supply. Long run is a year and is where all factors of production change
SRAR-Short run Aggregate Supply. Short run is less than a year and atleast one factor of production (land,labour,capital,enterprise) is fixed

Have a read through of this:
http://www.tutor2u.net/economics/con...agg_supply.htm
They have revision notes of almost every economcis topic
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