Supply and Price (Grade 10 NSC Matric Economics): Flashcards
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Practise the cards
10 cards from this deck
Definition of supply
Definition of supply
Amount producers offer to market at different price levels
Law of supply
Law of supply
Higher prices → higher quantity supplied; lower → lower
Direction of supply curve slope
Direction of supply curve slope
Upward from left to right
Supply schedule
Supply schedule
Table showing price and quantity supplied relationship
Natural factors affecting supply (examples)
Natural factors affecting supply (examples)
Droughts, hail, floods, favourable weather
Effect of higher production costs on supply
Effect of higher production costs on supply
Suppliers reduce amount willing to supply
Effect of technological improvements on supply
Effect of technological improvements on supply
Makes production cheaper, increases supply
Effect of new producers entering market
Effect of new producers entering market
Total supply increases
What causes movement along supply curve
What causes movement along supply curve
Price changes only
What causes shift of supply curve
What causes shift of supply curve
Non-price factors (weather, costs, tech, competition)