Edexcel-Supply Flashcards
1
Q
Supply
A
Amount of product businesses are prepared to sell at given price
2
Q
Supply more but price decrease
A
inward
3
Q
Point where lines meet
A
Equilibrium price
4
Q
Supply less but price increase
A
outward
5
Q
Law of supply
A
higher price,higher supply
6
Q
Main changes in supply
A
Subsides
Taxes
Cost of production
7
Q
Subsides
A
Any form of government support
8
Q
Lower unit cost
A
Supply mode
9
Q
Higher unit cost
A
Supply less
