1.2.4 Supply Flashcards
1
Q
What is supply?
A
The quantity of a good or service that producers are willing and able to sell at a given price at a given time
2
Q
What is a firm?
A
An organisation that brings together the factors of production to produce output
3
Q
What is a competitive market?
A
A market where individual firms cannot influence the price of a good or service because of competition from other firms
4
Q
What is the supply curve?
A
A graph showing quantity supplied at any given price
5
Q
What causes a movement in the supply curve?
A
Change in price
6
Q
What 7 things cause a shift in the supply curve?
A
- productivity
- indirect taxes
- number of firms
- technology
- subsidies
- weather
- costs of production
7
Q
A
