Supply and supply curve

Factors that affect the costs of production

(PINTS WC) Productivity, Indirect tax, No. firms*, Technology, Subsidy, Weather (perishable goods), Costs of production (extra)

Give some extra costs of production

Transport, FoP, regulations, utilities, cost of raw materials e.g. oil

If price increases what happens along the supply curve?

extension

If price decreases what happens along the supply curve?

contraction

The law of supply

direct relationship between price and quantity supplied, as one increases so does the other

What is supply?

the quantity of a good/service producers are able and willing to produce in a given time period in a given price range

What causes shifts along the supply curve?

changes in price