Supply Flashcards
1
Q
Define supply
A
The amount of goods or services suppliers are willing and able to produce
2
Q
What is on the x and y axes of a supply curve
A
x: quantity
y: price
3
Q
Why is the supply curve upwards sloping
A
At higher prices,producers are willing to supply more as there is more of an opportunity for profit to be made
4
Q
An increase in price causes an … on the supply curve
Fill in the blank
A
extension
5
Q
A decrease in price causes a … in the supply curve
Fill in the blank
A
contraction
6
Q
What factors cause a shift in the supply curve
A
-technology and weather
-costs (of production)
-number of suppliers
-productivity
7
Q
When something other than price changes,the curve will …,which will change …
Fill in the blanks
A
1.Shift
2.Supply
8
Q
When price changes there will be a change in
A
QUANTITY SUPPLIED
