Supply for Goods & Services Flashcards
1
Q
What is Supply?
A
Cost of a product that a Firm is willing and able to sell, at a specific price at a specific point in time
2
Q
If the Supply increases…
A
The Price falls
3
Q
If the Supply decreases…
A
The Price rises
4
Q
What are the factors of Supply which affect the Supply Shift? (Hint: PINTSWC)
A
Productivity
Indirect Taxes
Number of Firms
Technology
Subsidies
Weather
Cost of Production
