Ch 4 1/1Online version Economics by Wylie York 1 Group 1 2 Group 2 3 Group 3 4 Group 4 5 Group 5 6 Group 6 7 Group 7 Cost of Production Costs of things such as natural resources, capital, and labor Executives People responsible for directing and managing a business Incentives Things that encourage people to work harder or to produce more Law of Supply This states that people are willing to supply more of a good or service as the price gets higher These things can change supply Cost of production, technology, opportunity cost Supply Curve A line that represents the amount of G& S producers will supply at different prices This happens when supply increases The supply curve shifts to the right
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