Aggregate Supply

In economics, aggregate supply is the total supply of goods and services that firms in a national economy plan on selling during a specific time period. It is the total amount of goods and services that firms are willing to sell at a given price level in an economy.

Read more about Aggregate SupplyAnalysis, Different Scopes

Other articles related to "aggregate supply, aggregate, supply":

AD-AS Model - Shifts of Aggregate Demand and Aggregate Supply - Shifts of Aggregate Supply
... The following exogenous events would shift the short-run aggregate supply curve to the right ... and labor into output The following events would shift the long-run aggregate supply curve to the right An increase in population An increase in the physical capital ...
Mathematics and The Phillips Curve - New Classical Version
... The Phillips curve equation can be derived from the (short-run) Lucas aggregate supply function ... Start with the aggregate supply function where Y is log value of the actual output, Yn is log value of the "natural" level of output, a is a positive constant, P is log value of the actual ... This means that in the Lucas aggregate supply curve, the only reason why actual real GDP should deviate from potential—and the actual unemployment ...
AD-AS Model
... The AD-AS or Aggregate Demand-Aggregate Supply model is a macroeconomic model that explains price level and output through the relationship of aggregate demand and aggregate supply ... The conventional "aggregate supply and demand" model is, in actuality, a Keynesian visualization that has come to be a widely accepted image of the theory ... The Classical supply and demand model, which is largely based on Say's Law, or that supply creates its own demand, depicts the aggregate supply curve ...
Aggregate Supply - Different Scopes
... There are generally three forms of aggregate supply (AS) ... They are Short run aggregate supply (SRAS) — During the short-run, firms possess one fixed factor of production (usually capital) ... Long run aggregate supply (LRAS) — Over the long run, only capital, labour, and technology affect the LRAS in the macroeconomic model because at ...
Macroeconomic Policy - Macroeconomic Models - Aggregate Demand-Aggregate Supply
... model shows the price level and level of real output given the equilibrium in aggregate demand and aggregate supply ... The aggregate demand curve's downward slope means that more output is demanded at lower price levels ... In the conventional Keynesian use of the AS-AD model, the aggregate supply curve is horizontal at low levels of output and becomes inelastic near the point of potential output, which ...

Famous quotes containing the words supply and/or aggregate:

    Local television shows do not, in general, supply make-up artists. The exception to this is Los Angeles, an unusually generous city in this regard, since they also provide this service for radio appearances.
    Fran Lebowitz (b. 1950)

    We think of religion as the symbolic expression of our highest moral ideals; we think of magic as a crude aggregate of superstitions. Religious belief seems to become mere superstitious credulity if we admit any relationship with magic. On the other hand our anthropological and ethnographical material makes it extremely difficult to separate the two fields.
    Ernst Cassirer (1874–1945)