1.2.2 Supply
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11 Terms
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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.
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Profit
Profit = Revenue - CostsRevenue
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Revenue
Revenue = Selling price x number of units sold
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Profit per unit
Profit per unit = Selling price - Cost per unit or Selling price Ă· Cost per unit
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Indirect taxes
Indirect taxes are taxes levied (imposed) by the government onto goods and services
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VAT
In the UK, VAT (Value Added Tax) is 20% on most goods and services that you buy
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Government subsidies
An amount paid by the government to producers in order to help lower the costs of production and encourage supply
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External shocks
Events in the wider world that can affect businesses in positive and negative ways
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Events in the wider world that can affect businesses in positive and negative ways
Physical constraints can change certain factors that affect supply
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SEPTIC
An acronym to remember the factors that affect supply - Subsidies, External shocks, Physical constraints, Technology, Indirect taxes, and Costs of production
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What is supply?
The quantity of a product that producers are willing and able to produce at various prices over a period of time.
Flashcards (61)