1.2.2 Supply Flashcards by Bella Mason

Q

What is supply?

A

The number of goods/services businesses are willing to sell at a given price in a specific time period.

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

What are the non-price factors affecting supply?

A

Change in the costs of production
New technology
Indirect taxes
Government subsidies
External shocks

How well did you know this?

1

Not at all

2

3

4

5

Perfectly