1.2.4 Supply Flashcards
1
Q
Supply
A
the quantity of a good or service that a producer is willing and able to supply onto the market at a given price in a given time period
2
Q
Joint supply
A
where an increase or decrease in the supply of one good leads to an increase or decrease in the supply of a byproduct
3
Q
Competitive supply
A
where the same resources could be switched between the production of different goods
4
Q
Why does the Supply curve upwards?
A
- The profit motive
- Production and costs
- New entrants to the market
5
Q
non price determinants of supply
A
- subsidies
- technological advancements
- future price expectations
- consumer demand
- weather / seasons
- costs
