supply Flashcards
1
Q
define supply
A
the quantity of a good or service which is readily available for customers
2
Q
what factors influence supply
A
cost of production, taxes, climate, number of producers, government regulation and technology, subsidies
3
Q
how do taxes influence supply
A
if tax increases, cost increases and therefore supply decreases and vice versa
4
Q
define volatile
A
measure of returns
5
Q
what does a shift to the right in the supply curve mean
A
an increase of supply at every price
6
Q
define ceteris paribus
A
ceteris paribus means that all non-price factors are assumed to be constant
7
Q
what is a subsidy
A
money that is paid usually by a
government to keep the price of a
product or service low or to help a
business or organization to continue to function
