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Conditions of Supply | Economics for GCSE/IGCSE - Year 11 PDF Download
Shifts of the Supply Curve
- There are various factors that can alter the supply of a good or service, regardless of the price level. These factors, collectively referred to as the conditions of supply, play a crucial role in shaping the supply curve.
- Alterations to any of the conditions of supply lead to a shift of the entire supply curve, rather than just a movement along it.
Explanation of Supply Shifts
- Decrease in Supply: When a firm's production costs rise, leading to a key resource's price increase, the supply decreases. This results in a shift from S to S1, with the supply dropping from 10 to 2 units while the price remains steady at £7.
- Shift in Supply: Similarly, if costs increase, supply decreases, and a shift from S to S1 occurs. This shift reflects a decrease in supply from 10 to 2 units at a constant price of £7.
An Explanation of How Each of the Conditions of Supply Shifts the Entire Supply Curve at Every Price Level
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FAQs on Conditions of Supply - Economics for GCSE/IGCSE - Year 11
| 1. What are some factors that can cause a shift in the supply curve? |  |
Ans. Factors that can cause a shift in the supply curve include changes in production costs, technology advancements, government regulations, and natural disasters affecting the production process.
| 2. How does an increase in production costs affect the supply curve? | |
Ans. An increase in production costs, such as higher wages or raw material prices, will result in a leftward shift of the supply curve, indicating a decrease in supply at all price levels.
| 3. Can changes in technology impact the supply curve? | |
Ans. Yes, improvements in technology can lead to a rightward shift of the supply curve as it allows producers to increase efficiency and reduce costs, ultimately increasing the quantity supplied at each price level.
| 4. How do government regulations influence the supply curve? | |
Ans. Government regulations, such as taxes or subsidies, can impact production costs and affect the supply curve. For example, an increase in taxes will lead to a leftward shift in the supply curve, while a subsidy can result in a rightward shift.
| 5. What role do natural disasters play in supply curve shifts? | |
Ans. Natural disasters can disrupt production processes, leading to a decrease in the quantity supplied and a leftward shift in the supply curve. This can result in higher prices for consumers due to limited supply.
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Nov 24, 2024 Last updated |
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