supply

• what is supply


  the quantity of a good or service that a producer is willing to sell at each and every price
• what is the law of supply

  there is a positive relationship between the price of a good and a price of a supply
• why is there a positive relationship between supply and price

  due to the profit motive/incentive, cost of production and new entrants
• what causes an expansion in supply

  increase in price
• what causes a contraction in supply

  a decrease in price
• what causes shifts in supply

  non price determinants
• what non price determinants cause a shift in supply

  Productivity, Indirect taxes, Number of firms, Technology, Subsidy, Weather, Cost of production (PINTS WC)