1.2.2 SUPPLY Flashcards
1
Q
what is supply
A
the quantity of a good/service produced at a given cost over a given time
2
Q
what determines our supply
A
- availability of resources
- productivity of workers
- demand for goods
- cost of production
3
Q
what’s a shortage
A
when there isn’t enough supply to meet demand levels
4
Q
whats a surplus
A
when there is too much supply for the amount demanded
5
Q
what will a decrease in supply show
A
shift left of the supply curve
6
Q
what will an increase in supply show
A
shift right of the supply curve
