Factors

Question 0

Determinants of demand

Answer 0

Income 
Tastes and Fashion
Complements
Substitutes 
Population size 
Advertising

Question 1

Factors of production

Answer 1

Land- Fish
Labour-Workers
Capital- machinery
Enterprise-extension

Question 2

Determinants of supply

Answer 2

Production costs 
Technology of production 
Taxes and subsidies 
The price of related goods 
Number of firms in the industry

Question 3

Production costs

Answer 3

If the cost of raw materials increased then a firm will not be able to supply as many products, even though the price remains the same

Question 4

Technology of production

Answer 4

Improvements in technology may lead to an increase in the amount of goods produced in the same time frame, thus increasing supply

Question 5

The price of related goods

Answer 5

If the price of complementary goods increases, this will reduce supply

E.g. An increase in the price of tennis balls will lead to a fall in the supply of tennis racquets

Question 6

Number of firms in the industry

Answer 6

An increase in the number of firms setting up and selling similar products will lead to an increase in supply in the industry