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economics - Coggle Diagram
economics
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supply - The quantity of a good or service that producers are willing
and able to supply at a given price in a given time period.
- As prices increase, supply increases. As prices fall,
supply falls.
- for most good and services the quantity demanded varies directly with price
- The supply of goods and services by an individual producer. This shows the amount they would be prepared to sell at difference prices. It does not tell us how many they will sell.
-The total supply of a good or service. It can be found by adding the individual producers supply together.
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Movement along the curve – When the price changes, leading to a movement up or down
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What causes a shift in supply /How do you draw a shift?
This is when the whole demand curve moves to the right or left. This occurs when the quantity of a good demanded changes even when price stays the same.
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How do you draw supply? The supply curve is plotted sloping upwards between Price on the vertical axis and Quantity on the horizontal axis.
In nearly all cases a shift of the supply curve will lead to price and quantity moving in opposite
directions.