Supply Flashcards
1
Q
What is supply?
A
Supply is when a business or firm is is willing and able to provide a good or service at a given price
2
Q
When prices are higher are businesses more willing or less willing to supply good ?
A
More willing because they have more motivation to make more money
3
Q
What are the factors affecting supply?
A
- cost of raw materials/production
- productivity
- subsidies
- taxes
