Suuply

Question 1

Supply

Answer 1

Is the amount of a good or services that sellers Are willing and able to sell at any given price

Question 2

Relationship between price and supply

Answer 2

As the price goes up supply decreases

As the price decreases then supply increases

Question 3

Supply factors: price

Answer 3

The amount that a customer is willing and able to pay

Question 4

Supply factors: cost

Answer 4

Cost is for the business.
The cost is the amount spent by a business making/ supplying/ buying products
As cost reduces supply increases.

Question 5

Supply factors : taxes

Answer 5

Taxes is an amount of money that a government requires people to pay according to their income

When tax goes up supply decreases as there is a less disposable income.

Question 6

Supply factors : subsidies

Answer 6

Subsidies is a benefit given to an individual’s, business or institution usually by a government.

Supply will increase. Eg there is a subsidies on electric car so a taxi company has brought more so supply has increased

Question 7

Supply factor: price of other products

Answer 7

This is a comparison between the price of products.
For example when the price for fizzy drinks decreases the supply will decrease as it is less profitable. Where as price for fruit juices has stayed the same so supply will increase as it is more profitable