Supply

• Joint supply

  This is when increasing the supply of one good causes an increase or decrease in the supply of another good. For example, producing more lamb will increase the supply of wool.
• Composite supply

  This occurs when a good or service can be obtained from different sources. For example, light can be produced from candles, electricity and gas.
• Contraction of supply

  Decrease in supply due to an increase in price
• Contraction of supply

  Increase in supply due to reduction in price
• Factors that shift supply (PINTSWC)

  1. Productivity
  2. indirect taxes
  3. number of firms
  4. technology
  5. subsides
  6. Weather
  7. Costs of production