Supply (2.3) Flashcards
1
Q
Supply
A
The quantity of a good/service producers are willing and able to produce at a given price in a given time period
2
Q
Law of Supply
A
As price increases, more is supplied due to firms profit motives
3
Q
Conditions of Supply
A
P - productivity
I - indirect tax
N - number of firms
T - technology
S - subsidies
W - weather
C - costs of production
4
Q
joint supply
A
production of one good leads to supply of by product
5
Q
competing supply
A
a material used to produce one good and therefore cannot be used to produce another
