ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -GDP (gross domestic product) measures the size of an economy based on the monetary value of all finished goods and services made within a country during a specified period. As such, GDP is the aggregate supply.

Detailed explanation-2: -Aggregate supply is the total quantity of output firms will produce and sell-in other words, the real GDP. The upward-sloping aggregate supply curve-also known as the short run aggregate supply curve-shows the positive relationship between price level and real GDP in the short run.

Detailed explanation-3: -Aggregate supply is the total quantity of output firms will produce and sell-in other words, the real GDP. Aggregate demand is the amount of total spending on domestic goods and services in an economy.

Detailed explanation-4: -Aggregate Supply is the total quantity of all goods and services produced in an economy at all possible price levels at a given time.

Detailed explanation-5: -Aggregate supply, also known as total output, is the total supply of goods and services produced within an economy at a given overall price in a given period.