Supply (OCR A-Level Economics): Flashcards
📚Flashcards
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15 cards from this deck
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Practise the cards
15 cards from this deck
Indirect taxes
Indirect taxes
A tax on goods and services
Subsidies
Subsidies
Government payment to firm offsetting production costs
Competitive supply
Competitive supply
Firms choose to produce either good with existing factors
Joint supply
Joint supply
Goods produced together; one is a by-product
Supply curve slope
Supply curve slope
Upwards
Price-quantity supplied relationship
Price-quantity supplied relationship
Positive/direct
Individual supply
Individual supply
Quantity one producer supplies at different prices
Market supply
Market supply
Total quantity all producers supply at different prices
Joint supply example
Joint supply example
Beef and leather
Competitive supply example
Competitive supply example
Wheat and barley
Extension of supply
Extension of supply
Price up, quantity supplied up
Contraction of supply
Contraction of supply
Price down, quantity supplied down
Effect of subsidies on supply
Effect of subsidies on supply
Increase supply
Effect of tech improvements on supply
Effect of tech improvements on supply
Increase supply
Supply increase shifts curve
Supply increase shifts curve
Rightward