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3 cards from this section. Quick, good the night before a test.
What is one factor that affects the supply of a commodity?
Think about how changes in price impact decisions by producers.
Define the term 'supply.'
Consider the relationship between producers and prices.
What happens to supply when the price of a commodity increases?
Remember the direct relationship between price and quantity supplied.
True or False: Government subsidies always decrease the supply of goods.
Think about examples of how subsidies impact producers.
Given a scenario where a new tax is introduced on sugar production, analyze its effect on the supply of sugar. What should the producers expect?
Consider the relationship between costs and supply decisions.
A new technology dramatically decreases the cost of producing electric cars. Predict how this will likely affect the market supply. Discuss any potential impacts on consumer prices.
Think about how technology impacts supply and consequently prices.
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