9627024
Descrição
FlashCards por Tilly Surrey, atualizado more than 1 year ago
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Criado por Tilly Surrey
mais de 7 anos atrás
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| Questão | Responda |
| What is supply | The amount of a good or service that a producer is willing and able to sell at a range of prices |
| State the law of supply | As the price increases so does the quantity supplied, vice versa, ceteris paribus |
| Explain price and costs | price: - Is the dollar value for which a good is sold Costs: - Are the expenses involved in producing a good or service |
| What are the Internal factors affecting supply | -Factors that have direct impact on the firm eg -Production costs -Price of related goods -Improved organization of labor -Staff training -Purchasing of capitol good or technology |
| What is the effect of non-price factors on supply | If a factor other than price changes the amount a firm can supply will change causing a shift of the supply curve These factors could be either internal or external factors |
| List some external factors that affect supply | -These factors are outside of the firms control eg. -Law changes- such as quotas or an increase in production costs -Political factors-such as subsidies or changes in tax/GST -Trade-Tariffs and exchange rate changes -Eco-friendly requirements -Culture |
| Internal flow on effects include... | -Human resources required -Materials needed -New tech etc |
| Examples of external flow on effects | -Materials quantities needed from suppliers -Finance needed from banks -Amount of tax for government -Product available for retailers |
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