Supply & Demand

How much of a good or service a producer is wiling and able to make for consumers is ____________.

• Demand

• Supply

When the rice of a good or services rises, the producer will want to make more of the good. This is the Law of ________.

• Supply

• Demand

Why does a business want to increase supply when the price of a price increase?

• Profit

• Lack of Incentive

• Lower price for good

• New Technology

Why does a business want to decreases supply when the price of a good decreases?

• Profit

• Lack of incentive

• New Technology

• Competition

Choose 4

What factors can change supply?

• Cost of Production

• New Technology

• Taxes and Subsidies

• Competition

• Buyers

What happens when one or more of these factors change supply?

• Shifts left or right

• Shift up and down

Choose 3

What causes the supply curve to shift left?

• Cost of Production increases

• Taxes

• Less competition

• Subsides

• New Technology

Choose 4

What cause the supply curve to shift right?

• Cost of Production decreases

• Subsides

• More Competition

• New Technology

• Taxes

When the supply shifts left, you have a _________.

• Increase

• Decrease

When the supply curve shifts right, you have a ____________.

• Increase

• Decrease