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Supply
The quantity of a product that producers are willing and able to produce at various prices over a period of time.
Profit
Profit = Revenue - CostsRevenue
Revenue
Revenue = Selling price x number of units sold
Profit per unit
Profit per unit = Selling price - Cost per unit or Selling price ÷ Cost per unit
Indirect taxes
Indirect taxes are taxes levied (imposed) by the government onto goods and services
VAT
In the UK, VAT (Value Added Tax) is 20% on most goods and services that you buy
Government subsidies
An amount paid by the government to producers in order to help lower the costs of production and encourage supply
External shocks
Events in the wider world that can affect businesses in positive and negative ways
Events in the wider world that can affect businesses in positive and negative ways
Physical constraints can change certain factors that affect supply
SEPTIC
An acronym to remember the factors that affect supply - Subsidies, External shocks, Physical constraints, Technology, Indirect taxes, and Costs of production
What is supply?
The quantity of a product that producers are willing and able to produce at various prices over a period of time.
Note 
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