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Non-Price Determinants of Supply - Coggle Diagram
Non-Price Determinants of Supply
Productivity
Increase - better technology can help the amount of produces produced
Decrease - if technology got so good that lots of people were made redundant
Costs of production
Increase - if they increased the price then they would get more profit
Decrease - it might become so expensive that they have to discontinue the produce
Government intervention
Increase - the government gives subsidies to some businesses
Decrease - everyone has to pay taxes
Price of related goods
Increase - if a companies related good increases in price
Decrease - f a companies related good decrease in price
Supply shock
Increase - if a storm hits somewhere because there will be more people wanting supplies
Decrease - if a sudden virus hits the world like the coronavirus where tons of businesses had to shut down
