AGGREGATE SUPPLY

The overall supply of goods and services made within an economy on the parameters of a given time period and a given overall price level. It is represented through an aggregate-supply curve, that describes the connection between the quantity of output that firms are willing to provide and its price levels. A positive relationship usually occur between the price level and the aggregate-supply. The increase of price usually signals businesses to produce more to meet the higher level of aggregate-demand.

May also be referred as "total output."