Econ 1 - Supply Flashcards
1
Q
Planned Supply
A
the amount producers plan to produce at each given price.
2
Q
Actual Supply
A
The amount producers actually produce
3
Q
Joint Supply
A
When the production of one good also results in the production of another.
4
Q
factors which cause shifts of supply curve
A
change in raw material prices technological advancements labour productivity regulation wage rates subsidies tax expectations no. of suppliers objectives of firms
