Unit 2.2: Supply theory

IB Economics: Unit 2.2: Supply theory

In this chapter we examine the way supply determines the allocation of resources in the economy. Supply is the resource element of the central economic problem of scarcity and the allocation of factors of production is based on the supply decisions made by businesses. The central theme of this section is to analyse the price and non-price factors that affect supply decisions made by the different producers on the supply...


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