1.2.2 SUPPLY Flashcards
1
Q
What is supply?
A
the supply is the amount provided of a product by suppliers for a given price. the higher the price the more the supplier would supply for it . more suppliers would want to sell for £5 instead of £1
2
Q
Factors that affect supply
A
There are multiple factors such as , the price of production, new tech and how it can be used, indirect taxes(VAT)
