AP Economics- Determinants of Supply

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8 Terms

1
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Price of Good/Service

Most important determinant; get's its own axis of graph

2
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Resource Prices

As price increases, supply decreases

3
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Technological Change

Improvements in technology

4
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Taxes and Subsidies

A cost that will increase production costs and reduce supply

5
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Price of other Goods

In a facility where other goods are made; if prices of these "other" goods increases, then producers will switch to this good in order to increase profits

6
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Price Expectations

Wait or Sell immediately in order to sell at higher price and increase profits.

7
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Number of Sellers

Supply curve will increase when number of suppliers increases

8
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Natural Disaster

Supply will decrease