Monday 13 April 2015

Supply - Economics Unit 1



  • Supply of a good is upward sloping - as the price increases the supply increases as the suppliers are willing to supply more.
  • A change of price is shown as a movement along the curve.
  • A contraction is a decrease in price and an extension is an increase in price.
Factors that shift supply
  • Subsidies
  • Infrastructure
  • Better technology
  • Natural disasters
  • Weather

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