Market forecast.
A market forecast predicts how well a good or service will sell.
Sellers use market forecasts to help determine how much supply to create.
If a forecast is accurate, it will prevent a seller from having a surplus or shortage of goods or services.
Opportunity cost.
Opportunity cost is what you must give up in order to do something.
If someone decides to quit their job and go to business school, the opportunity cost would be losing their income.
Companies should consider the opportunity cost before they decide what to produce or sell.
Resource costs.
Resource costs reflect what is needed to develop a good or service.
They may include the cost of materials, technology and labor.
When resource costs go up, goods and services become more expensive to produce. and the supply is likely to go down.
Without a market forecast, it may be difficult to anticipate demand.
If an electronics company chooses to build more smartphones, the opportunity cost is the other devices that could be manufactured instead.
Why meat supply of the product decrease as resource costs increase,
the opportunity cost will be lower.
The product becomes more expensive to produce.
Fewer resources are needed to produce a product.
The company used market forecasts to anticipate demand for its products.
When expanding into new product categories, a company should consider their opportunity cost.
Companies should consider the opportunity cost before they decide what to produce or sell.
Opportunity cost is what you must give up in order to do something.
If an electronic company choosing to build more smartphones, the opportunity cost is the other devices that could be manufactured instead.
Government intervention.
Government intervention is an action taken by the government that influences the supply or demand of goods and services.
A government could set prices for crops to find manufacturing standards and adjust taxes.
For example, a government may raise taxes on raw materials from overseas to encourage companies to buy from domestic suppliers.
Technology.
Advances in technology can improve the speed and efficiency of producing goods and services.
By reducing the time and resources needed for production, the supply of a good or service can be increased.
What may happen if the government raises taxes on raw materials from overseas?
If the government raises taxes on raw materials, it may encourage more companies to buy from domestic suppliers.
What allows products to be made faster and with fewer resources, government intervention improved marketing strategies, advances in technology.
Advances in technology can improve the speed and efficiency of producing goods and services.
When the government taxes on goods to help domestic businesses.
Government intervention is an action taken by the government that influences the supply or demand of goods and services.
The cost of the resources required to make goods or services.
Resource costs are what it takes to make goods or perform services.
A government may raise taxes on raw materials from overseas to encourage companies to buy from domestic suppliers.
A subsidy is a form of government intervention where money is given to a producer to keep the price of the product low.
A government may intervene to keep industry competitive or stimulate economic growth.
The factory invested in automated technology to increase the speed of production.
When manufacturing technology is improved, goods can be produced faster, which will increase their supply.
The factory invested in automated technology to increase the speed of production.
A subsidy is a form of government intervention where money is given to a producer to keep the price of a product low
