AP MACRO Supply: NICEJAG

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7 Terms

1
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N-

natural/manmade phenomenon

  • weather, natural disasters, wars

2
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I-

input costs

  • prices of raw materials ↑ price goes ↓

  • changes in technology efficiency gains

  • losses

  • government policies

3
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C-

competition

  • fewer producers = less supply or ↑ producers ↑ supply

4
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E-

expectations of future price changes

  • expect prices ↑ , supply ↓ (and vice versa)

5
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J-

joint-supply profitability

  • supply of beef ↑, supply of leather (also from cows) ↑

  • wheat ↑ straw ↑

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A-

alternative goods in supply

  • wheat $ ↑ (profit) instead of soybeans, so soybean production ↓

7
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G-

governmental factors

  • increased regulation

  • decreased regulation ↓ costs ↑ supply

  • subsidies ↑ firm profitability, firms supply more

  • ↑ taxes ↓ supply