Non price determinants of supply (macro test 2)

what are costs of inputs

cost producers have to pay or resources/ factors of production -cost increases----supply decreases -cost decreases----supply increases

What is number of producers in the market?

-producers leave(fewer)---supply decreases -producers enter (more)----supply increases

What are the 6 non price determinants of supply

1) costs of inputs 2)technology 3)number of producers in the market 4)prices of related goods 5) government policies 6)expectations

What is technoloy

applied science level of sophistication og the production process -technology almost always increases supply

What is prices of related goods?

deals with producers who have production options -as producers produce more corn at a higher price, -as price goes up for corn, supply for wheat shifts left

What are government policies (taxes and subsidies)

taxes(another cost of production) -if taxes increase----supply decreases -if takes decrease----supply increases subsidies(special tax treatment) -encourage subsidies shifts supply to the right -discourage subsidies shifts supply to the left