Supply Flashcards
1
Q
What is supply?
A
The quantity of goods or services that producers are willing to sell at any given price over a period of time.
2
Q
What does the acronym “PINTS WC” mean?
A
Productivity, Indirect taxes, Number of firms, Technology, Subsidies, Weather, Cost of Production
3
Q
What is joint supply?
A
Where the increase or decrease in one good leads to the increase or decrease in another good.
4
Q
What is a giffen good?
A
A low income, non-luxury product that makes demand rise when the price rises and makes demand fall when the price falls. This good technically goes against the law of demand.
