CBSE UGC NET-JRF | Economics Notes and Study Material

Sahu Gupta
Aug 25, 2017 · 3 min read

Aggregate Supply

The total supply of goods and services produced within an economy at a given overall price level in a given 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.

· Short run AS

· Long run AS

Aggregate supply curve

Shows relationship between nation’s overall price level and the quantity of goods and services produce by that nation’s suppliers.

There is a positive relationship between aggregate supply and the price level. Rising prices are usually signals for businesses to expand production to meet a higher level of aggregate demand.

The curve is upward sloping in the short run and vertical, or close to vertical, in the long run.

Short-run and long-run macroeconomics equilibrium:

The equilibrium in the short-run is depicted by the intersection of the Aggregate Demand (AD) curve and the Short-Run Aggregate Supply (SAS) curve. When either AD or SAS shifts, the equilibrium point is changed.

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