Supply 3a
- Created by: Itwasntme193
- Created on: 20-10-20 09:17
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- Supply
- Supply is the quantities of a product that producers are willing and able to provide at different market prices over a period of time.
- Suppliers are motivated by profit.
- The basic law of supply is that as the price of a product increases, quantity supplied also increases. There is a positive relationship between the two.
- Supply curves are typically upward sloping.
- MOVEMENTS along a supply curve occur due to price factors.
- SHIFTS only happen when a non-price factor changes
- Changes to c.o.p will cause the supply curve to shift. A fall in c.o.p= shift out.
- Changes to government policy. Subsidies lower c.o.p
- SPRINT WC: Subsidies, Productivity, Raw Materials, Improved tech, No. of workers,Tax, Wages, Climate change.
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