Supply of goods and services Flashcards
1
Q
What is supply?
A
Supply is the ability and willingness of firms to provide goods and services, at a specific price, at a given time
2
Q
What causes a movement along the supply curve?
A
Price- firms are more willing to supply goods and services at a higher price
3
Q
What causes shifts in a supply curve (hint: PINTS WC)
A
Productivity
Indirect tax
Number of firms
Technology
Subsidies
Weather
Costs of production
