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Non-Price Determinants of Supply - Coggle Diagram
Non-Price Determinants of Supply
Change in Costs of Factors of Production
Land
Labour
Captial
Enterprise
Change in Technology
Better Technology Advancement
Higher Efficiency
Increase Production
Less Cost
Future Expectations
Higher Price in the Future
Less Supply at Current Time
Lower Price in the Future
Increasing Supply
Number of Firms in the Market
More Firms = Increasing Production
Less Firm = Decreasing Production (Unless one firm supply more)
Price of Related Product
Joint Supply
Two or more goods are derived from the same product, so it is not possible to produce more of one unless you increase the other
Beef & Hide
Cotton & Clothes
Competitive Supply
Production of two goods use similar resources and processes. When one product's price fall, results in an increase of the other product.
Government Intervention
Indirect Taxes
Increasing Tax on the product result in decreasing supply
Subsidies
Provide Subsidies for the firms on producing product, allows the cost of production to decrease, result in increasing supply
Regulations
Law
Rules