Supply

Seeing from the producers POV

Supply = sum of all quantities supplied

change in price = change in quantity supplied → movement along the curve

change in a supply determinant = change in underlying economic conditions impacting producers = change in supply → shift in the supply curve

increase in supply move right

decrease in supply move left

P Productivity

    improvements to the production processes of a good / service NOT including     technology

I Input prices

    change in the price of inputs required to produce the good or service

    if price decreases supply increases

    if price increases supply decreases

G Government actions / policies impacting producers

    subsidies, taxes, regulation that affect producers

    if regulations and taxes increase supply decreases

    if regulations and taxes decrease supply increases

    if subsidies increase, supply increases

    if subsidies decrease, supply decreases

T Technological improvement impacting production

    NOT ENTERTAINMENT

    if increases supply increases

    if decreases supply decreases

O Outputs

    change in relative price of output

    Outputs = 2 products with a common producer / manufacturer or 2 products with     common resources

    if the market price of one output increases, the supply of the other will decrease

E Expectations of producers

    if they expect future prices and profits to increase then supply increases

    if they expect future prices and profits to decrease then supply decreases

S Size of Industry

    more producers increases supply

    fewer producers decreases supply