LS9 - Supply Flashcards
1
Q
Raw Material
A
Any material in its natural condition before being processed for use.
2
Q
Revenue
A
Total income that someone receives.
3
Q
Total Revenue
A
Price x Quantity
4
Q
Supply
A
The quantity of a good/service firms are willing to sell at a given price over a given time period.
5
Q
Law Of Supply
A
Ceteris paribus, as the price of a good increases so does quantity supplied and vice versa.
6
Q
Conditions Of Supply
A
Changes In Production Costs
Improvements In Technology/Innovation
Concentration of Firms In Market
Changes In Price Of Substitute/Complementary Goods
Weather Conditions
Firms’ Expectations of Future Product Price
