Question

Define Aggregate Supply.

Answer 1

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✔aggregate supply:. Aggregate supply is the total of all goods and services produced by an economy over a given period. When people talk about supply in the U.S. economy, they are usually referring to aggregate supply. The typical time frame is a year.

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Answer 2

Aggregate supply, also known as total output or domestic final supply.

It is defined as the total amount of supply that a firm plans to sell in the national economy in each period.  Firms also sell this supply on the given level of price in economy.

The factors which can increase the aggregate supply are given below:

i) Increase in population  

ii) Increased physical capital stock  

iii) Technological progress