facots afecting supply Flashcards

1
Q

why do people get into business

A

to gain profits. wealth power fame

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2
Q

other term for businessmen

A

kingmakers

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3
Q

the number one reason why businessmen would change prices

A

to maximize profitability

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4
Q

every change of price elicits a response from the buyers

A

elasticity

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5
Q

degree of responsiveness of buyers for any price changes

A

elasticity

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6
Q

Factors that affect supply

A

price
cost of production
number of producers seller
technological advancement
taste and preferences
occasion
seasonality of products
price expectations

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7
Q

they will supply more of products to get higher profits when the price is high

A

price

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8
Q

the most important factor

A

price

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9
Q

it includes expenses such as land, labor, capital and entrepreneur

A

cost of production

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10
Q

if high supply will be low (expenses)

A

cost of production

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11
Q

when different sellers sell same fruits or there is same occasion, there will be alot of supplies

A

no. of sellers producers

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12
Q

when machineries are used

A

technological advancement

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13
Q

hoarding

A

price expectations

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14
Q

christams ets

A

occcasion

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15
Q

tomato vegatbles agricultural sectorr

A

seasonality of products

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16
Q

producers want to tkae advantage of the market’s demand

A

taste and prefernces

17
Q

5 types of elasticity

A

elastic
inelastic
unitary
perfectly elastic
perfectly inelastic

18
Q

when the change of quantity of demand/supply is greater than the change of price

A

elastic

19
Q

usually from products we want ie jewelry exotc food lucury clothes anditems

A

elastic

20
Q

when the change of quantity is less than the change of price

A

inelastic

21
Q

it is usually from products we need ie rice

A

inelastic

22
Q

when the change of quantity is the same as the change of price

A

unitary

23
Q

when the quantity changes infinitely but the price remains the same

A

perfectly elastic

24
Q

when the quantity does not change but the price changes infinitely

A

perfectly inelastic

25
Q

almost horizontal demand curve

A

elastic

26
Q

almost vertical demand curve

A

inelastaci

27
Q

uniform demand curve

A

unitary

28
Q

horizontal demand curve

A

Perfectly elastic

29
Q

vertical demand curve

A

Perfexrly inelastic