IGCSE Econ 1.2.3 Supply

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Supply

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The willingness and ability to sell a product

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Market supply

Back

Total supply of a product

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Extension in supply

Back

A rise in the quantity supplied caused by a rise in the price of the product itself.

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Contraction in supply

Back

A fall in the quantity supplied caused by a fall in the price of the product itself.

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Changes in supply

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Changes in supply conditions causing shifts in the supply curve

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Increase in supply

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A rise in supply at any given price, causing the supply curve to shift to the right

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Decrease in supply

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A fall in supply at any given price, causing the supply curve to shift to the left

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Unit cost

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The average cost of production. It is found by dividing total cost by output

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Improvements in technology

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Advances in the quality of capital goods and methods of production

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Direct taxes

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Taxes on the income and wealth of individuals and firms