CBSE UGC NET-JRF | Economics Notes and Study Material
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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