Meaning
This economic concept explains the total output an economy produces.Definition
Aggregate Supply is the total quantity of goods and services firms are willing and able to produce and sell at various price levels within an economy.Determinants
Factors like labor, capital, technology, natural resources, and production costs significantly influence aggregate supply.Relationship with Price Level
Short-run aggregate supply often rises with price levels. Long-run aggregate supply is generally independent of price, based on the economy’s productive capacity.Author
