Supply Flashcards
1
Q
Supply
A
When you supply something, it means you’re willing and able to sell it
2
Q
Contraction in supply
A
When a decrease in price leads to a decrease in quantity supplied
3
Q
Extension in supply
A
When an increase in price leads to an increase in quantity supplied
4
Q
Factors in the shift of Supply / conditions of supply
A
- Technology - better tech = more supply
- Weather - good weather = more agriculture
- Costs - increase in costs = firms to supply less
- Number of supplies - more suppliers = more supply
- Productivity
