[{"data":1,"prerenderedAt":63},["ShallowReactive",2],{"term:aggregate-supply":3},{"term":4,"related":46},{"id":5,"title":6,"body":7,"category":27,"description":28,"extension":29,"faq":30,"meta":31,"navigation":32,"path":33,"related":34,"seo":39,"stem":40,"takeaways":41,"__hash__":45},"terms\u002Fterms\u002Faggregate-supply.md","Aggregate Supply",{"type":8,"value":9,"toc":22},"minimark",[10,15,19],[11,12,14],"h2",{"id":13},"understanding-aggregate-supply","Understanding Aggregate Supply",[16,17,18],"p",{},"In the short run, aggregate supply (SRAS) slopes upward because some wages and prices adjust slowly: when prices rise, selling more becomes profitable before costs catch up.",[16,20,21],{},"In the long run, output is set by the economy's resources and technology, so long-run aggregate supply (LRAS) is vertical at potential output. Supply shocks, such as an oil price spike, shift SRAS and can raise prices while output falls.",{"title":23,"searchDepth":24,"depth":24,"links":25},"",2,[26],{"id":13,"depth":24,"text":14},"economy","The total output firms are willing to produce at each overall price level.","md",[],{},true,"\u002Fterms\u002Faggregate-supply",[35,36,37,38],"aggregate-demand","output-gap","sticky-prices","stagflation",{"title":6,"description":28},"terms\u002Faggregate-supply",[42,43,44],"Short-run aggregate supply slopes upward.","Long-run aggregate supply is vertical at potential output.","Supply shocks can cause stagflation.","kpLmYztRPI6k88_ZlKwOJ3NSA8z1M9N74exU-73vzYY",[47,51,55,59],{"title":48,"description":49,"path":50},"Aggregate Demand","Total spending on an economy's goods and services at each overall price level.","\u002Fterms\u002Faggregate-demand",{"title":52,"description":53,"path":54},"Output Gap","The difference between actual GDP and potential GDP.","\u002Fterms\u002Foutput-gap",{"title":56,"description":57,"path":58},"Stagflation","High inflation combined with slow growth and high unemployment.","\u002Fterms\u002Fstagflation",{"title":60,"description":61,"path":62},"Sticky Prices","Prices and wages that adjust slowly to changes in demand.","\u002Fterms\u002Fsticky-prices",1793374004384]