Supply
The amount of goods and services as person is willing and able to produce
What is supply?
The cost of producing a good or service
Cost of Production
The law of supply is about the actions of these people.
What is producers?
Factors of Production ?
Labour, land, capital, entrepreneurship
How do suppliers respond when demand increases
Increase supply or increase price of their product
A way to show the law of supply using a chart; it shows the quanitity of a good offered at each possible market price.
What is supply schedule?
Which way does the supply curve slope?
Upward from left to right
An increase in taxes will will make production more expensive and as a result, supply will _____________.
What is decrease?
What do you call costs that you have to pay regardless? Example rent
What is fixed cost?
The amount a supplier is willing and able to supply at a certain price
What is quantity supplied
The belief that as the price of a good rises, the quantity supplied will rise.
What is law of supply?
What happens when the supply curve shifts to the right
an increase in supply
The introduction of these things, example: computers and robots, tends to make the cost of production decrease resulting in an increase in supply. What are these thing?
What is technology?
You can calculate this number by adding fixed costs and variable costs.
What is total cost?
When adding resources is not always a good thing; it can cause production to slow down slightly.
What is diminishing marginal returns?
Other than price, what causes a movement in the supply curve
Nothing, only Price
Explain how supply is affected by external factors.
Oral response
If farmers did not receive these then they would have to give up farming and the supply would go down. Hint: Grants :)
What is subsidies?
This increases output per worker
What is specialization
A factor that can change
variable
These costs change with the amount of production, such as workers' pay. Easy 500 points btw
What is variable costs?