What does a power supply's current rating mean?

The power supply's current rating is just that: a rating. If it's rated at 1 amp, that means it's capable of putting out 1 amp and no more. Power supplies don't force current to flow through a load; they maintain a specific output voltage and allow a load to draw current from them at that voltage. Thanks all.

What happens if a power supply draws too much?

The exact behavior beyond that basic statement depends on too many things. But for sure, if the load draws more than the supply can put out, the voltage will go down. That much is safe to say. Varies. Shuts down, foldback, hick-up or constant current limit. Do you have a datasheet for it or have you asked the manufacturer?

Can you use a power supply with a device?

(Which most power supplies are.) The exception is constant current power supplies used for driving LEDs. These give a constant current output with loads within the designed output voltage range. Les. I've read that you can use a power supply with a device if it has the same voltage rating but a higher current output than required. Why is this ok?

Does a power supply have a higher current output?

The power supply doesn't have a "higher current output"; it has an output which is CAPABLE of delivering a higher current (before it goes into shutdown, or current limiting mode, or simply overheats and catches fire). The power supply's current rating is just that: a rating.

Should a voltage power supply be rated for more current?

However, it is ok to have a voltage power supply rated for more current than the components rated value because the component will draw as much as it needs. If you are pushing more current into (forcefully) the component, then the component will exceed its rated value, heat up and be destroyed.

Is it OK to supply more current to a component?

To answer the title of your question, the answer is no. It is not ok to supply more current to a component than its rated value. However, it is ok to have a voltage power supply rated for more current than the components rated value because the component will draw as much as it needs.