Economics NICEJAG
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19 terms
Terms | Definitions |
|---|---|
 Natural/Manmade Phenomenon | (N) |
| Input Costs | (I) |
| Competiton | (C) |
| Expected price | (E) |
| Joint Supply | (J) |
| Alternate goods | (A) |
| Government action | (G) |
| Supply | NICEJAG |
| Expected Price | expecting change in future product can effect producers willingness to supply product; expectation that price will increase may cause firms to add more workers or expand facilities causing increase in supply |
| Alternate Goods | higher prices of other goods can cause producers to switch production to an alternative good to increase profit; when the price of alternative goods declines, producers may decide to produce original goods instead to increase supply and profit; substitution makes a decline in supply of the original good |
| Competition | larger number of suppliers= greater supply; more firms supply= curve shifts to right; less firms supply=firms shift to left; ex: more tattoo parlors=more tattoos |
| Joint Supply | production of one good leads to production of another |
| Input Costs | The cost of labor, capital and natural resources needed to produce a good or service; , if objects cost more there will be less supplied/ the amount of money it costs to raise a good or service |
| Government Action | taxes are price; increase in tax increases production cost which reduces supply; subsidies are taxes in reverse; production of a good that lowers producer's cost and increases supply |
| Natural/Manmade Phenomenon | improvement in techniques of production enables firms to produce units of output using fewer resources; using fewer resources lowers production cost and increases supply |
| decrease | shift to the left = |
| increase | shift to the right = |
| supply | amount of product producers are willing able to make and slll at possible prices |
| Law of Supply | as price rises, quantity supplied rises; as quantity supplied falls, price falls |
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