Supply Curve Movements and Factors Affecting Supply
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16 Terms
Movements along the supply curve
Changes in quantity supplied caused only by a change in the price of a product.
Change in quantity supplied
A movement along the supply curve due to a change in the price of a product.
Supply
A shift of the curve caused by factors other than the price of a product.
Factors that increase supply
Conditions that lead to a rightward shift of the supply curve.
Factors that decrease supply
Conditions that lead to a leftward shift of the supply curve.
Costs of products increase
A factor that decreases supply.
Productivity declines
A factor that decreases supply.
Number of sellers in the market decreases
A factor that decreases supply.
Favourable weather conditions
A factor that increases supply.
Business confidence falls
A factor that decreases supply.
Costs of products decrease
A factor that increases supply.
Technological advancements
A factor that increases supply.
Productivity growth
A factor that increases supply.
Number of sellers in the market increase
A factor that increases supply.
Climate conditions such as severe weather events
A factor that decreases supply.
Business confidence rises
A factor that increases supply.