Business Glossary

in macroeconomics , the total amount of goods and services supplied to the market at alternative price levels in a given period of time; also called total output. The central concept in supply-side economics , it corresponds with aggregate demand, defined as the total amount of goods and services demanded in the economy at alternative income levels in a given period, including both consumer and producers' goods; aggregate demand is also called total spending. The aggregate supply curve describes the relationship between price levels and the quantity of output that firms are willing to provide.

in macroeconomics , the total amount of goods and services supplied to the market at alternative price levels in a given period of time; also called total output. The central concept in supply-side economics , it corresponds with aggregate demand, defined as the total amount of goods and services demanded in the economy at alternative income levels in a given period, including both consumer and producers' goods; aggregate demand is also called total spending.