1.2.2- Supply

Question 1

supply

Answer 1

quantity of goods or service a producer is willing and able to supply to the market at a given price over a period of time

Question 2

basic law of supply

Answer 2

as the price of the product rises, businesses expand supply to the market

Question 3

causes of change in supply

Answer 3

cost of production (unit costs)
external shocks (economic downturn)
new technology (3D printing)
taxation and subsidies

Question 4

subsidies

Answer 4

any form of government support offered to producers and sometimes consumers (could be financial)