Law of Supply: as supply increases, so does the price (and vice versa) since supply and price have a direct relationship. This is because there will be more price to fund the supply or more price from demand to fund supply to counteract the demand.
Factors that affect supply are very similar to factors that affect demand
What curve is this?
The supply curve
Supply: The willingness and ability of producers to provide a quantity of good/service at various price levels at a given time.
Expansions and contractions in the supply curve is caused due to higher price, since:
Higher prices can mean lower demand
Higher prices can fund a higher amount of supply being produced.
Factors that increase/decrease supply:
Changes in complementary and supplementary goods
Changes in technology for capitol equipment
Fall/rise in the cost factors for production
Increase/decrease in the availability/quantity of resources
Favourability of climate conditions/weather patterns to the supply-making procedure
Perfectly elastic supply
*same for demand
Perfectly inelastic supply
*Same for demand
Outlay refers to the total amount of revenue gained from sold goods and services