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Questions and Answers
Which factor is NOT likely to cause a shift in the supply curve?
Which factor is NOT likely to cause a shift in the supply curve?
What impact do indirect taxes generally have on the supply curve?
What impact do indirect taxes generally have on the supply curve?
In what way can changes in natural factors affect the supply curve?
In what way can changes in natural factors affect the supply curve?
How might an increase in subsidies impact the supply curve?
How might an increase in subsidies impact the supply curve?
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What is a likely consequence of a rise in production costs for a business?
What is a likely consequence of a rise in production costs for a business?
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What is the primary reason that changes in technology can shift the supply curve?
What is the primary reason that changes in technology can shift the supply curve?
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Which factor is least likely to cause a rightward shift in the supply curve?
Which factor is least likely to cause a rightward shift in the supply curve?
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In what way do natural disasters commonly affect the supply curve?
In what way do natural disasters commonly affect the supply curve?
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How can a shortage of skilled labor potentially shift the supply curve?
How can a shortage of skilled labor potentially shift the supply curve?
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What impact do subsidies have on the supply curve?
What impact do subsidies have on the supply curve?
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Which of the following is a likely consequence of changing the cost of production on the supply curve?
Which of the following is a likely consequence of changing the cost of production on the supply curve?
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What role do indirect taxes play in the overall supply curve?
What role do indirect taxes play in the overall supply curve?
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Which of the following would most likely cause a leftward shift in the supply curve?
Which of the following would most likely cause a leftward shift in the supply curve?
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What is the general relationship between changes in prices and movements along the supply curve?
What is the general relationship between changes in prices and movements along the supply curve?
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Study Notes
Factors that Shift the Supply Curve
- Cost of Production: Changes in the cost of inputs like labor, raw materials, or energy can shift the supply curve.
- Changes in Technology: Technological advancements often lead to increased efficiency and lower production costs, shifting the supply curve to the right.
- Indirect Taxes: Taxes imposed on goods and services, like VAT, increase production costs, shifting the supply curve to the left.
- Subsidies: Government support given to producers can reduce their costs, leading to an increase in supply and a shift to the right.
- Natural Factors: Events like natural disasters or weather changes can impact resource availability and production capacity, shifting the supply curve.
Key Facts About Productivity
- Difficulty in Recruiting Skilled Workers: A significant percentage of industry leaders have reported difficulties in finding skilled workers.
- Impact on Manufacturing Industry: A lack of skilled workers can negatively affect the UK manufacturing industry, potentially leading to reduced productivity, higher costs, and difficulty meeting demand.
- Solutions for Skilled Worker Shortage: UK businesses and the government can implement strategies to address the skilled worker shortage. These might include initiatives related to education, training, apprenticeships, and immigration policy.
Factors that Shift the Supply Curve
- Factors that can cause a shift in the supply curve are:
- Cost of Production
- Changes in Technology
- Indirect Taxes
- Subsidies
- Natural Factors (i.e. Natural Disasters and Weather)
Case Study: Nigerian Farming
- This case study explores the factors affecting farming in Nigeria
Key Facts About Productivity
- 71% of industry leaders found it difficult to recruit skilled workers
- A lack of skilled workers will negatively impact UK manufacturing
- Ways to help increase skilled workers in UK manufacturing:
- Increase training and education opportunities
- Offer incentives or subsidies for businesses to invest in training
- Encourage partnerships between businesses and educational institutions
- Promote the benefits of a career in manufacturing
Case Study: Supply and Subsidies
- This case study discusses the influence of subsidies on supply
Chapter Review: Housing Supply In Kenya
- This chapter reviews the housing supply situation in Kenya
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Description
Explore the various factors that can cause shifts in the supply curve, including production costs, technology advancements, taxes, and natural events. This quiz covers essential concepts that impact supply in economics and how these shifts influence market dynamics.
