1.2.2 Supply Flashcards
1
Q
what happens if the cost of production rises?
A
if the cost of production increases for a product then the product will most likely rise too so that the business can generate higher revenue leading to more profits.
2
Q
how has new technology helped businesses?
A
As technology has developed, some products have been easier to make and cheaper too.
3
Q
what are indirect taxes?
A
An indirect tax is collected by one entity in the supply chain (usually producer/retailer) and paid to the government.
4
Q
Draw a supply and demand diagram
A
(supply and demand diagram)
