Economics supply
- Created by: katier1234
- Created on: 03-11-19 12:48
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- Law of supply
- Economics- Supply
- Shifts of the supply curve
- Production costs- include wages, raw materials, rent and energy costs
- Productivity of labour- This refers to the output per worker per hour. This can be affected by the training offered and the quality of capital equipment used by workers
- Taxes on businesses- excise duties, VAT and business rates
- Production subsidies these are government grants to firms to encourage grater production
- Technology- improvements in technology may lead to increased productivity of firms
- Shape of the supply curve
- It is upward sloping
- Increase in supply shift to the right
- Decrease in supply shift to the left
- Supply- the quantity of a good or service that firms plan to sell at given prices in a particular time period
- Shifts of the supply curve
- The law of supply states that as price increases the quantity supplied will increase. This is a positive relationship
- Economics- Supply
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