Supply (Junior Cert Business Studies): Flashcards

Quantity producers prepared to sell at various prices in a period

Price rises → quantity supplied rises (price falls → qty falls)

Table showing quantities supplied at different price levels

Upward from left to right (positive slope)

Price on vertical, quantity on horizontal

Price changes only

Non-price factors (tech, costs, weather, suppliers, etc.)

Increase in supply (more supplied at any given price)

Decrease in supply (less supplied at any given price)

Advances increase supply (rightward shift)

Decrease supply (leftward shift)

Increases supply (rightward shift)

Increases total supply (rightward shift)

Money given by government to support businesses

Suppliers withhold supply expecting higher future prices