1
Q
What is supply?
A
The quantity of a good or service that producers are willing and able to sell at a given price at a given time
2
Q
What is a firm?
A
An organisation that brings together the factors of production to produce output
3
Q
What is a competitive market?
A
A market where individual firms cannot influence the price of a good or service because of competition from other firms
4
Q
What is the supply curve?
A
A graph showing quantity supplied at any given price
5
Q
What causes a movement in the supply curve?
A
Change in price
6
Q
What 7 things cause a shift in the supply curve?
A
- productivity
- indirect taxes
- number of firms
- technology
- subsidies
- weather
- costs of production
7
Q
A
Theme 1
flashcards
Decks in class (22)
# Cards
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1.1.1 Economics as a Social Science2
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1.1.2 Postive and Normative Statements4
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1.1.3 The Economic Problem10
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1.1.4 Production Posibility Frontiers9
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1.1.5 Specialised Division of Labour5
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1.1.6 Free, Command and Mixed Economies11
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1.2.1 Rational Decision Making3
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1.2.2 Demand17
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1.2.3 Price, Income, Cross Elasticity of Demand33
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1.2.4 Supply7
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1.2.5 Price Elasticity of Supply8
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1.2.6 Price Determination7
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1.2.6 Price Determination5
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1.2.8 Consumer and Producer Surplus12
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1.2.9 Tax and Subsidies37
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1.4.1 Government Intervention24
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1.3.4 Information Gaps4
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1.3.3 Public Goods5
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1.3.1 Types of Market Failure1
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1.3.2 Externalities16
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1.4.1 Government Intervention in Markets B8
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Government Failure 1.4.25
