Define the theory of supply

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Presentation transcript:

Define the theory of supply List the 3 laws of supply (4 marks) (3 marks)

Fill in the missing words and label the supply diagram _____________along the supply curve are caused by a change in ________. An extension in supply is brought about by a ______in price. Manufacturers are ___________ to supply more as a greater __________can be made at the new price. (5 marks) extension in supply (12 marks)

Fill in the missing words and label the supply diagram _____________along the supply curve are caused by a change in ________. A contraction in supply is brought about by a _______in price. Manufacturers will ________ supply as less ________is made at the new price. (5 marks) contraction in supply (12 marks)

Fill in the missing words The ______________ of _______ are forces behind market supply. A change in any one of these will affect market supply . Any change in the determinants of supply will cause the entire supply curve to ________ across. A positive change in the determinants of supply will cause the supply curve to shift across to the_________. A negative change in the determinants of supply will cause the supply curve to shift across to the_________. (5 marks)

List the determinants of supply 1. 2. 3. 4. 5. (5 marks)

A positive change in the determinants of supply Draw a diagram illustrating the impact of a positive change in the determinants of supply, that is more is supplied at each price (11 marks)

A negative change in the determinants of supply Draw a diagram illustrating the impact of a positive change in the determinants of supply, that is more is supplied at each price (11 marks)

Define aggregate supply (3 marks)