Factors Affecting Supply Flashcards
A movement to the right indicates an increase in both ___ and_____
Price and quantity supplied
Different points on a supply curve show changes in
Quantity supplied
A movement to the left shows a decrease in both ___ and ___
Price and quantity supply
_____ occurs when something prompts a producer to offer different amounts for sale at every price
Change in supply
Six factors cause a change in supply
Input costs Labor productivity Technology Government actions Producer expectations Number of producers
____ are the price of resources needed to produce a good or service
Input costs
_____ is the amount of goods and services that a person can produce in a given time
Labor productivity
____ is a tax on the production or sale of a specific good or service
Excise tax
Excise taxes are often placed on items such as ___ and ____
Tobacco and alcohol
___ is a government payment that partially covers the cost of an economic activity
Subsidy
