Kognity Ch. 1.1.4 - Supply Flashcards
1
Q
What is supply?
A
Supply is defined as the quantity of a good or service that producers are willing and able to offer at a given price during a specific time period, ceteris paribus.
2
Q
What is productivity?
A
The amount of output per unit of input.
3
Q
How does technology increase supply?
A
It allows producers to save resources and/or time and increase productivity.
