Aggregate Supply | A-Level Economics Notes
These revision notes cover everything you need to know about Aggregate Demand for A-Level Economics. They're designed for students studying AQA A-Level Economics, Edexcel A-Level Economics, and Edexcel International A-Level Economics. Written by Jaisul Naik, UCL Economics graduate and A-Level Economics tutor since 2017.
What is aggregate supply?
The total planned level of output in the economy at each price level.
What factors affect short-run aggregate supply?
Short-run aggregate supply is influenced by any changes in a business' costs of production.
- productivity
- wages
- raw material prices
- exchange rates
- indirect taxes
What is long-run aggregate supply?
The productive potential of the economy.