Supply

Producers use (a) to make (b) and (c)

• (a) resources (b) goods (c) services
• (a) capital (b) goods (c) services
• (a) resources (b) profit (c) happy clients

Producers put their resources into the goods or services that are the most p_________ for them

Profitability is when the margin between revenue and costs is the g_______

Profit is the difference between

• revenue and costs
• adding and subtracting
• income and expenditure

When prices rise the difference between revenue and costs or profit (a) so producers want to produce (b) when the price is (c)

• (a) increases (b) more (c) higher
• (a) decreases (b) less (c) lower
• (a) decreases (b) more (c) higher
• (a) increases (b) less (c) higher
• (a) increases (b) more (c) lower

Producers will want to produce less when the price is l____

Supply refers to the different _________ of a product or service a producer is willing (because it is profitable) and able (because she/he has the resources) to supply at each of a range of prices.

Supply refers to the different quantities of a product or service a producer is willing (because it is profitable) and able (because she/he has the resources) to supply at each of a range of ______.

The law of supply states that as price rises, q_______ s_______ r____, ceteris paribus

At higher prices, selling the product/service becomes relatively more p_________