Aggregate supply refers to the total quantity of goods and services that producers in an economy are willing and able to sell at various price levels during a specific time period. It reflects the overall production capacity of an economy and is influenced by factors such as labor, capital, and technology. In the short run, aggregate supply can be affected by changes in production costs, such as wages and raw materials. In the long run, it is determined by the economy's potential output, which is influenced by factors like investment, government policies, and economic growth.