Statics is the action of one body on another. A force is either a push or a pull. A force tends to move a body in the direction of its action. The action of a force is characterized by its magnitude, by the direction of its action, and by its point of application. Thus, force is a vector quantity, because its effect depends on the direction as well as on the magnitude of the action. Forces are classified as either contact or body forces. A contact force is produced by direct physical contact; an example is the force exerted on a
AD–AS model back to its steady state. As the inflation slowly falls, so will the AS curve back to its steady state. The modern quantity theory states that the price level is directly affected by the quantity of money. Friedman is the recognized intellectual leader of an influential group of economists, called Monetarists, who emphasize the role of money and monetary policy in affecting the behaviour of output and prices. Modern quantity theory also disagrees with the strict quantity theory in not believing that the supply curve is vertical in the short run. Thus, Friedman and other monetarists made an important distinction