supply of goods and services Flashcards
1
Q
What is supply?
A
The quantity of a good/ service that producers are willing and able to produce at a given price in a given time period.
2
Q
What is the law of supply?
A
Direct relationship between price and quantity supplied.
3
Q
Why is there a direct relationship between price and quantity supplied for supply?
A
profit motive
4
Q
what us the acronym for factors shifting? what does it stand for?
A
PINTSWC, productivity, indirect tax, number of firms, technology, subsidy, weather, cost of production
5
Q
what does PINTSWC stand for?
A
PINTSWC, productivity, indirect tax, number of firms, technology, subsidy, weather, cost of production
6
Q
A
