CLEAN : Migrants refuse to board train in Budapest bound for camp

The video introduces the concept of supply, providing a basic understanding of its role in economics.

What is the basic definition of supply in economics?

• The price of goods in the market

• The amount of goods available for sale

• The demand for goods in the market

• The quality of goods produced

Which of the following is NOT a factor affecting supply?

• Production costs

• Consumer preferences

• Technology

• Number of suppliers

How does technology influence supply?

• It increases production costs

• It reduces consumer demand

• It can enhance production efficiency

• It decreases the number of suppliers

What happens to supply when production costs decrease?

• Supply becomes unpredictable

• Supply decreases

• Supply increases

• Supply remains unchanged

Which factor can cause a shift in the supply curve?

• Change in consumer income

• Change in production technology

• Change in the price of substitutes

• Change in consumer tastes