Chapter 3 - Supply in a Market

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  • Created by: Nathan S
  • Created on: 26-04-13 21:50
What factors shift the supply curve? (P29)
Anything other than price may shift the curve. If the cost of raw materials rises, the 'S' may shift left, as inefficient firms leave the market. Technology improvement, labour productivity, wage rates, subsidies and indirect taxes all affect supply.
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What are more factors that shift the supply curve? (P30)
Future price expectations, Objectives of firms, Number of sellers in the market, new discoveries ,and Regulation and Bureaucracy (compliance costs).
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What is joint supply? (P31)
This occurs when a product is made as a by-product of the manufacturing/production process of another. This is common in chemical industries, but another example is beef and leather; demand for beef rises leading to an extension in supply of leather.
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Card 2

Front

What are more factors that shift the supply curve? (P30)

Back

Future price expectations, Objectives of firms, Number of sellers in the market, new discoveries ,and Regulation and Bureaucracy (compliance costs).

Card 3

Front

What is joint supply? (P31)

Back

Preview of the front of card 3

Card 4

Front

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Back

Preview of the front of card 4

Card 5

Front

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Back

Preview of the front of card 5

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