Aggregate Supply -- Also called total output, it is a fundamental concept in Supply-Side Economics. Aggregate supply is a summation over the quantities of goods and services available in the market at different price levels within a specified duration, say, a year. The related construct is aggregate demand or total spending, which is the total demand for goods (both consumer and producer) and services at varying levels of income. The graphical representation of aggregate supply shows the change in the willingness of firms to supply output as the price level varies.
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