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What Does 'Supply Factors' Mean?

Category: Glossary, Type: Other

The Meaing of Supply Factors

The factors that determine the supply of goods and services in a country, such as the amount and quality of factors of production. The increase in supply of products in a country depends - given demand - on increase in production capacity. This, in turn, is determined by: 1. investments: new machines and factories expand capacity, 2. training of people: better-skilled people deliver more and better performance, 3. development of technology: production and distribution processes that utilize the latest techniques utilize also increase capacity.

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Category: Glossary, Type: Other