Aggregate supply
A) is the total amount of raw materials available in an economy.
B) is the overall wealth within an economy.
C) is the total amount of money circulating in an economy.
D) is the total amount of planned production in an economy.

Question

Quizplus · Accepted Answer

Aggregate supply refers to the total amount of goods and services that firms are willing and able to produce in an economy over a given period of time. It is based on factors such as the availability of resources, technology, and the cost of production. Therefore, option D - the total amount of planned production in an economy - best describes aggregate supply. Options A, B, and C are incorrect as they refer to other economic concepts such as natural resources, wealth, and money supply respectively.

Aggregate Supply